As a result of their divorce this year, Carlos made the following payments to Michelle, his...
As a result of their divorce this year, Carlos made the following payments to Michelle, his former wife:
The answer is (a), $7200. but I can't figure out how to calculate it. Please explain how to get this answer. Thanks.
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• |
He transferred the family car to Michelle. The car cost them $20,000 and was worth $10,000 at the time that he gave it to Michelle. |
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• |
Carlos paid Michelle 12 monthly cash payments of $1,000 each. These payments are to continue as long as Michelle lives or until their son is age 19. When their son attains age 19, the payments will be reduced to $600 a month. |
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On June 6, Carlos paid Michelle a single cash payment of $70,000 to help her settle in a new home. Carlos kept the family home. |
How much gross income should Michelle report as a result of the above transfers?
|
a. |
$7,200 |
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|
b. |
$12,000 |
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|
c. |
$17,200 |
|
|
d. |
$87,200 |
|
|
e. |
$92,000 |
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