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Analyze the tax implications of the following case studies. Apply the IRS codes to determine what should and shouldn't be included as income. Support your conclusions with reference to specific IRS codes and regulations. Case Study Problem 1 John and Amy are your tax clients. They were divorced 2 years ago, and they live in separate households. Their divorce decree stated that John was to make monthly payments to Amy. The court designated $300 per month as alimony and $200 per month as child support, or a total of $6,000 per year. Pursuant to the divorce agreement, alimony payments would terminate at the death of the payee. John has been unemployed for much of the year and paid Amy $2,000 that he said was for child support. In addition, John transferred the title to a three-year-old car with a $4,000 fair market value (FMV) and basis of $7,000 in exchange for her promise not to pursue any claim she has against him for the unpaid child support and alimony. Does Amy have to report any alimony, and is John entitled to an alimony deduction? What are the tax consequences for both John and Amy?
tony siebers is an accounting major at a midwestern state university located approximately 60 miles from a major city.
alexander bruce and jonathon wayne are managers of two product lines for gotham incorporated. one of them is a
Why would a company use a single-step vs. a multi-step income statement? For what type of business is a multi-step income statement most appropriate?
june 11 sold a 3-passenger kawasaki 900 stx jet ski and accessories to customer emma larring for 7875 plus sales tax
judy is a self employed musician who performs for a variety of events. this year judy was fined 250 by the city for
contract price 8000000 -------------------2012---------------- 2013----------------- 2014 est. cost----- 1600000
Which of the following is not one of the basic shareholders rights?
lewis industries adopted a defined benefit pension plan on january 1 2013. by making the provisions of the plan
the clayton company uses a standard cost system in which manufacturing overhead costs are applied to units of the
At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?
miles ltd has two divisions jericho and jackson. each of these is regarded as a separate cash-generating unit. at 31
vasquez corporation is considering investing in two different projects. it could invest in both neither or just one of
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