Under the terms of a divorce decree executed May 1, 2018, Ahmed transferred a house worth $650,000to
Question:
Under the terms of a divorce decree executed May 1, 2018, Ahmed transferred a house worth $650,000to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax basis to Ahmed of $300,000.
a. How much of this must be reported on Farah’s 2019 tax return?
b. Of that amount, how much is taxable gain or loss that Farah must recognize related to the transfer of the house?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
a Farah must report the alimony payments of 3000 per month ...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Fundamentals Of Taxation 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
Question Posted:
Students also viewed these Business questions
-
Under the terms of a divorce decree executed May 1, 2014, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax...
-
Under the terms of a divorce decree executed May 1, 2016, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax...
-
Under the terms of a divorce decree executed May 1, 2015, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax...
-
Examine your own organisation, or one that you know. What forms of pre-departure training does it offer?
-
For each of these collections of premises, what relevant conclusion or conclusions can be drawn? Explain the rules of inference used to obtain each conclusion from the premises. a) "If I take the day...
-
Use the results in Figure 13-1 in the text to calculate the Fourier coefficients of the shifted triangular wave in Figure P13= 8. Write an expression for the first four nonzero terms in the Fourier...
-
Which of the following is useful in making a final selection when multiple criteria exist? a. Four discounted cash flow rules b. Seven-step systematic analysis technique c. Ten principles of...
-
The dean of the School of Natural Science is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean...
-
what ways do philosophical perspectives on identity, such as existentialism, phenomenology, and poststructuralism, challenge essentialist notions of identity and emphasize the fluidity, contingency,...
-
Alice has invented a new card game to play with Bob. Alice made a deck of cards with random values between 1 and 52. Bob picks 5 cards. Then, he has to rearrange the cards so that by utilizing the...
-
Chantel has received a 1099-INT from her financial institution showing $75 in box 2 of the form. How should she handle this on her 2019 tax return and why?
-
Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences for those agreements executed before 2019 and remain unchanged post...
-
Determine the magnitude and coordinate direction angles of F3 so that resultant of the three forces acts along the positive y axis and has magnitude FR. Given: FR = 600 lb F1 = 180 lb F2 = 300 lb...
-
Tesla, the world's most valuable automaker, and its chief executive, Elon Musk, describe Autopilot as a way to make driving easier and safer. Tesla has cited its own statistics to claim that cars...
-
Describe the simple three-dimensional objects that make up this object.
-
A patient, Ms. Snodrey, was given a CD with PHI to take to her doctor's office out of town. Unfortunately, the CD contained another patient's PHI. Ms. Snodrey realized the error and contacted the...
-
Southeastern Oklahoma State University's business program has the facilities and faculty to handle an enrollment of 2,100 new students per semester. However, in an effort to limit class sizes to a...
-
Two railway trucks are travelling in opposite directions on the same track. The first truck has a mass of 12 tonnes, and is moving north at 8 km/h. The second truck has a mass of 18 tonnes and is...
-
The energy consumed in one year in the United States is about 1.1 10 20 J. With each 235 92 U fission, about 2.0 10 2 MeV of energy is released. How many kilograms of 235 92 U would be needed to...
-
How does Kant answer Humes bundle theory of self? Do you think he is successful?
-
Can an individual take a medical deduction for a capital improvement to his or her personal residence? If so, how is it calculated?
-
Multiple Choice Questions 1. Which expense, incurred and paid in 2014, can be claimed as a miscellaneous itemized deduction subject to the 2% of AGI floor? a. Self-employed health insurance. b....
-
Mickey is a 12-year-old dialysis patient. Three times a week for the entire year he and his mother, Sue, drive 20 miles one way to Mickeys dialysis clinic. On the way home they go 10 miles out of...
-
3. Consider the Allen and Gale model of contagion, where the storage asset allows the costless transfer of one unit from one time period to another and the illiquid asset pays out R = 2 in period 2...
-
A settlement is a transaction that is an irrevocable action, relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and eliminates...
-
Explain how you may apply economic concepts when managing a business/enterprise by answering the questions What are the demand drivers of the product of interest? What are the supply drivers?...
Study smarter with the SolutionInn App