Question: help asap please! Tim and Janet divorced in 2017. Their only marital property was a personal residence with a value of S 120.000 and cost

help asap please!

Tim and Janet divorced in 2017. Their only marital property was a personal residence with a value of S 120.000 and cost of SSO.OOO. Under the terms of thc divorce agreement. Janet would receive thc house and would pay Tun SI 5 , (XX) each year for five years, or until Tim 's death. whichever should first. Tim and Janet Ii-ved apart when the payments were made to Tim. divorce agreement did not contain thc word "alimony." O Tim must recognize a S35.OOO [S60.OOO I gain on the sale Ofhis interest in the house. O Tim does not recognizr any income from these transactions. C) Janet s not allowed any alimony deductions. O Janet is deduct SISOOO each year tar alimony paid.

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