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Todd and Margo are seeking a divorce and no longer live together. Margo has offered to pay Todd $42,000 per year for five years if Margo receives sole title to the art collection. This collection cost them $100,000 but is now worth $360,000. All other property is to be divided equally.
a) If Margo's payments cease in the event of Todd's death, how are the payments treated for tax purposes?
b) How much of the gain would be taxed to Todd if Margo sells the art at the end of five years?
c) Compute the tax cost (benefit) to Todd (Margo) if the payments qualify as alimony. Assume that Todd (Margo) has a marginal tax rate of 15 percent (35 percent), and ignore the time value of money.
d) How much more over the five-year period should Todd demand in order to agree to al1ow the payments to cease in the event of his death? (How much more will make him indifferent between receiving $42,000 a year in no alimony payments and receiving higher payments that are considered to be alimony?)
Robert and Lori (Robert’s sister) own all of the stock in Swan Corporation (E & P of $1 million). Each owns 500 shares and has a basis of $85,000 in the shares.
What is the tax treatment of the scholarship? Is Andrew required to include it as income on his tax return? Is Andrew eligible for the education credits?
Xco is an accrual basis taxpayer with multiple lines of businesses. One business is a gas station. The land underneath the gas station did not appear contaminated when Xco purchased it. However, the land now has potential soil and groundwater prob..
In 2014, Sam is single and rents an apartment for which he pays $800 per month and makes charitable contributions of $1,000. Sam's adjusted gross income is $47,000. Required: Compute his taxable income. Show all calculations.
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question capital gains taxin july 2011 the labour party put forward a proposal to have a comprehensive capital gains
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Cash distributions from Parakeet are: $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1. If Parakeet's current E & P is $60,000, how much is allocated to Andrew's distribution?
Bear Corporation has a net short-term capital gain of $35,000 and a net long-term capital loss of $200,000 during 2011. Bear Corporation has taxable income from other sources of $600,000.
Advise Nicole of the taxation implications of the receipts and payments. Federation University - The Faculty of Business. Please check that you have done the following. Tick the boxes to show you have!
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