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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 74
Lanny and Shirley are recently divorced.Shirley has custody of their child, Art, and Lanny pays Shirley $22,000 per year.All property was divided equally.a.How much should Shirley include in income if Lanny's payments are made in cash but will cease if Shirley dies or remarries?
b.How much should Shirley include in income if $12,000 of Lanny's payments is designated as "nonalimony" in the divorce decree?
c.How much should Shirley include in income if Lanny's payments drop to $15,000 once Art reaches the age of 18?
b.How much should Shirley include in income if $12,000 of Lanny's payments is designated as "nonalimony" in the divorce decree?
c.How much should Shirley include in income if Lanny's payments drop to $15,000 once Art reaches the age of 18?
Explanation
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Alimony
According to the tax law, Alimo...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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