Matthew's divorce decree calls for him to pay his former spouse, Makenzi, $200 a month as child support and $150 a month as alimony. Matthew fails to pay Makenzi in July and December. The divorce decree was finalized on September 1, 2018. The amount Matthew may deduct as alimony paid is __________.
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- Bill and Jane Jones were divorced on January 1, 2018. They have no children. In accordance with the divorce decree, Bill transferred the title of their house over to Jane. The home had a fair market value of 250,000 and was subject to a 100,000 mortgage. Under the divorce agreement, Bill is to make 1,000 monthly mortgage payments on the home for the remainder of the mortgage. In the current year, Bill made 12 mortgage payments. What amount is taxable to Jane in the current year? a. 12,000 b. 250,000 c. 100,000 d. 0Fred and Wilma were divorced in year 1 (before 2019). Fred is required to pay Wilma 12,000 of alimony each year until their child turns 18. At that time, the payment will be reduced to 10,000 per year. In year 3, in accordance with the divorce agreement, Fred paid 6,000 directly to Wilma and 6,000 directly to the law school Wilma is attending. What amount of the payments received in year 3 is income to Wilma? a. 6,000 b. 10,000 c. 12,000 d. 0Answer the following questions: Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $ 700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $ 450 per month. 1. How much of each $ 700 payment may be deducted as alimony by Joan?$____________ 2. How much of each $ 700 payment must be included in Bill's taxable income?$____________ 3. How much would be deductible/included if the divorce agreement were dated 2019? $____________ Under the terms of a property settlement executed during 2019, Jane transferred property worth $ 450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $ 425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer?$____________ 2. What is the amount of Tom's tax basis in the property he received from Jane?$____________
- Arlen is required by his 2019 divorce agreement to pay alimony of $2,000 a month and child support of $ 2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments for Jane? Arlen_______________________________________________________________________________________________________________________________________________ Jane_______________________________________________________________________________________________________________________________________________Caden and Lily are divorced on March 3, 2018. For financial reasons, however, Lily continues to live in Cadens apartment and receives her support from him. Caden does not claim Lily as a dependent on his 2018 Federal income tax return but does so on his 2019 return. Explain.Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.
