Liz and Doug were divorced on July 1 of the current year after 10 years of marriage.
Question:
Liz and Doug were divorced on July 1 of the current year after 10 years of marriage. Their current year’s income received before the divorce included:
Doug’s salary ......................... $41,000
Liz’s salary ......................... 55,000
Rent on apartments purchased by Liz 15 years ago ......... 8,000
Dividends on stock Doug inherited from his mother 4 years ago ..... 1,900
Interest on a savings account in Liz’s name funded with her salary .... 2,400
Allocate the income to Liz and Doug assuming that they live in:
a. California.
b. Texas.
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Under Texas law the rents and dividends belong to th...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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