What tax issues should pam and art consider

Assignment Help Accounting Basics

Reference no: EM131959356

Problem

Pam and Art have lived in a home Art inherited from his parents. Their son Tom lives with them. Art and Pam obtain a divorce during the current year. Under the terms of the divorce, Pam receives possession of the home for a period of five years and custody of Tom. Art is obligated to furnish over one-half of the cost of the maintenance, taxes, and insurance on the home and pay $6,000 of child support per year. Art lives in an apartment.

What tax issues should Pam and Art consider?

The most important thing about these discussion is to answer them in your own words and with your own understanding of the chapter. You can reference codes if you want, but do not write or sound like the textbook.

Reference no: EM131959356

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