Liz and Doug were divorced on July 1, 2018, after 10 years of marriage. Their current year's
Question:
Liz and Doug were divorced on July 1, 2018, 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, applying the community property rules of:
a. California.
b. Texas.
Step by Step Answer:
South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337702966
22nd Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney