How much should shirley include in income

Assignment Help Taxation

Reference no: EM13905844

Lanny and Shirley are recently divorced and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $22,000 per year. All property was divided equally.

a) How much should Shirley include in income if Lanny's payments are made in cash but will cease if Shirley dies or remarries?

b) How much should Shirley include in income if $12,000 of Lanny's payments is designated as "nonalimony" in the divorce decree?

c) How much should Shirley include in income if Lanny's payments drop to $15,000 once Art reaches the age of 18?

Reference no: EM13905844

Questions Cloud

Sung company is able to produce two products : Sung Company is able to produce two products, R and T, with the same machine in its factory.

The use of succinylcholine : Care must be taken in the use of succinylcholine because some individuals have an adverse reaction. In most cases, the patient recovers from the succinylcholine paralysis after a short time. In cases with sensitive patients, the individual recovers a..

How much of the gain would be taxed to todd if margo sells : How much of the gain would be taxed to Todd if Margo sells the art at the end of five years? Compute the tax cost (benefit) to Todd (Margo) if the payments qualify as alimony.

Explain what you understand about scientific variables : In a 500 word essay, please explain what you understand about scientific variables. What is the nature of scientific variables? Please provide three examples of scientific variables

How much should shirley include in income : How much should Shirley include in income if Lanny's payments are made in cash but will cease if Shirley dies or remarries?

Uses and limitations of product labeling for public safety : Unit VII: PowerPoint Presentation Create an eight- to ten-slide presentation about the uses and limitations of product labeling for public safety. You can usethe information from your textbook, as well as information from other reliable sources (Note..

How much income will gramps recognize on the first payment : Gramps is 70 years old and Gram is 65 years old. Gramps paid $97,020 for the contract. How much income will Gramps recognize on the first payment?

Toxicity testing has long been a controversial issue : Toxicology Unit VI Case Study Assignment:Unit VI: Case Study Animal use in toxicity testing has long been a controversial issue; however, there can be benefits. Read "The Use of Animals in Research," which is an article that can be retrieved from htt..

Which side will record the highest pressure : Two parts of a closed container are separated by a membrane which only allows the passage of water. Initially each container holds 5 liters of deionized water. To one side is added 22 grams of chlorine and to the other side is added 15 grams of po..

User Account

All Pages