ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55( UOP)
9. Question: A 37-year-old taxpayer with a dependent child and claiming head of household
status has received $ 21,000 in child support payments and earned wages of
$ 46,000. Which is the simplest form this person canfile?
10. Question: The basic standard deduction in 2014 for a Head of Household taxpayer who is 41
years old and not blind is:
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ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55( UOP)
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53. Under the terms of a divorce decree executed May 1, 2008, 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 Linda’ s tax return?
b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?