ASHFORD ACC 401 Week 2 Assignment Deductions

May 8th, 2015
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ASHFORD ACC 401 Week 2 Assignment Deductions

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Ch. 453. Under the terms of divorce decree executed May 1, 2010, Rob transferred a house worth $650,000 to his ex-wife, Linda and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000.a. How much of this must be reported on Lindas tax return? Answer:Linda must report the alimony payments of $3,000 per month on her tax return. b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?Answer:The transfer of the house to Linda is a property settlement pursuant to a divorce. Therefore, she does not recognize any taxable gain transfer on the house. Linda will only recognize gain if she sells the home for an amount greater than the transferred basis. 55. Indicate whether each of the following items is considered a for AGI, (above the line) deduction for the 2010 tax yea

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