ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 ( UOP )
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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 ?
54 . Under the alimony recapture rules , what amounts are designated for recapture reclassification , and what are the tax consequences ?
55 . Indicate whether each of the following items is considered a for AGI , ( above-the line ) deduction for the 2009 tax year .
Chapter 5 , complete problem 54 , problem 61 , and problem 62
54 . Steve purchased a personal residence from Adam . To sell the residence , Adam agreed to pay $ 4,500 in points related to Steve ’ s mortgage . Discuss the tax consequences from the perspective of both Steve and Adam .