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.