Eva and Mario are married on June 14, 2010. They use Eva's home as their principal residence.

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Eva and Mario are married on June 14, 2010. They use Eva's home as their principal residence. Eva purchased the home for $97,000 in 2007. On January 13, 2011, Eva and Mario are divorced. As part of the settlement, Mario receives the home. He sells it on March 30, 2011, for $119,000.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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