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Author Question: Under the terms of a divorce agreement dated January 1, 2016, Edmond was to pay his wife Donna ... (Read 156 times)

Lisaclaire

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Under the terms of a divorce agreement dated January 1, 2016, Edmond was to pay his wife Donna $3,000 per month in alimony and $500 per month in child support. Payments began on January 1, 2016. In addition, Donna received the family residence with a cost basis of $210,000 and a fair market value of $260,000.
a. What is the amount that Donna must include in income for the twelve-month period ended December 31, 2016?
b. What is the basis in the home which Donna received as a result of the divorce?


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Marked as best answer by Lisaclaire on Sep 13, 2020

emilymalinowski12

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Lisaclaire

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


dyrone

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Reply 3 on: Yesterday
Excellent

 

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