What are the tax consequences of these transactions

Assignment Help Accounting Basics

Reference no: EM13130385

Wilma divorced Barney last year. This year she received the title to their boat that cost $45,000 and is now worth $55,000. Barney paid Wilma $1,500 per month, $500 for alimony and $1000 for support of their two children. Wilma owed $60,000 to the bank for a loan on a failed business. To satisfy the debt, she transferred title of the boat to teh bank and paid an additional $5,000. What are the tax consequences of these transactions for Barney and Wilma?

Reference no: EM13130385

Questions Cloud

Financial ratios-du pont system : What are the four categories of financial ratios? Choose one category (excluding liquidity ratios) and list and describe the various ratios in that category. What do the calculated numbers mean for these ratios?

Determining percentage change : An Art dealer sold two artworks for $1520 thereby making a profit of 25% on the first work and 10% profit on the other, whereas if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25..

Gift tax liability under the assumption : What is her 2010 gift tax liability under the assumption that she made the $200,000 of taxable gifts in 1974 instead of 1997?

Compute the past service costs included net pension : Calculate the past service costs included in 2012 net pension expense (or revenue) under IAS 19. Compute the past service costs included in 2012 net pension expense (or revenue) under U.S GAAP.

What are the tax consequences of these transactions : What are the tax consequences of these transactions for Barney and Wilma?

Word paper about mr. bill gates and dr. martin luther king : Write a 1,100 word paper about Mr. Bill Gates and Dr. Martin Luther King Jr

Statistically significant evidence for true mean diameter : Is this statistically significant evidence that the true mean diameter is greater than 20 millimeters? Set up the hypothesis, and enter your P-value below, rounded to four decimal places.

Interval of convergence and partial fractions : Find the first five terms in the Taylor series about x = 0 for f(x). Find the interval of convergence for the series in part (a).

What is the value of dhrxn : Hydrogen cyanide is prepared from ammonia (NH3) and natural gas (CH4).2 NH3 (g) + 3 O2 (g) + 2 CH4 (g) → 2 HCN (g) + 6 H2O (g)

User Account

All Pages