How much is taxable to carol from this gift

Reference no: EM133083266

For your homework, do Research Cases 1, 2, and 3 below.

Example answer to Research Case 3-1 (from page 464) in the module. so please make sure to go through it. YOU MUST INCLUDE THE ENTIRE CODE in your homework. This example should demonstrate what I am expecting from you when you do the other cases.

Case 1- Carol received a gift of stock from her favorite uncle. The stock had a fair market value of $30,000 and a basis to the uncle of $10,000 at the date of the gift. How much is taxable to Carol from this gift? In answering this case, use only the Internal Revenue Code for your research.

Case 2- Julie loaned her friend Nathan $2,500. Nathan did not repay the debt and skipped town. Can Julie claim any deduction for this bad debt? In answering this case, use only the Internal Revenue Code for your research.

Case 3 George and Linda divorced in early 2019 and own a house from the marriage. Under the divorce decree, Linda pays George $5,000 per month alimony. Because the real estate market has collapsed in the area where they live, George and Linda cannot sell the house. Since they are still friends, they decide to live in separate wings of the house until the real estate market recovers. If George and Linda live together for the entire current year, can Linda claim a deduction for the alimony paid to George? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your keywords and which online tax service you used to arrive at your answer.

Attachment:- Research Case.rar

Reference no: EM133083266

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