Your sister sent you a text telling you that she is planning to get a divorce...
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Your sister sent you a text telling you that she is planning to get a divorce from her spouse. They have been married for 10 years and have a child who is 8 years old. She knows that you are an accountant and would like to know what the income taxx consequences of her upcoming divorce would be. Required: Prepare a list for your sister as what conditions must be met for support [consider both spousal and child] to be taxable when she receives it and deductible for her soon to be ex-spouse. Note: do not discuss child care expenses or medical expenses as your sister already knows what she is able to claim in those areas. Your sister sent you a text telling you that she is planning to get a divorce from her spouse. They have been married for 10 years and have a child who is 8 years old. She knows that you are an accountant and would like to know what the income taxx consequences of her upcoming divorce would be. Required: Prepare a list for your sister as what conditions must be met for support [consider both spousal and child] to be taxable when she receives it and deductible for her soon to be ex-spouse. Note: do not discuss child care expenses or medical expenses as your sister already knows what she is able to claim in those areas.
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1 The amount of support must be fixed and determinable meaning that it mu... View the full answer
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Posted Date:
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