1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sladkih [1.3K]
2 years ago
13

Tim and Janet were divorced. Their only marital property was a personal residence with a value of $120,000 and cost of $50,000.

Under the terms of the divorce agreement, Janet would receive the house and Janet would pay Tim $15,000 each year for 5 years, or until Tim's death, whichever should occur first. Tim and Janet lived apart when the payments were made to Tim. The divorce agreement did not contain the word "alimony."
Choose one answer:
a. Tim must recognize a $35,000 [$60,000 - 1/2($50,000)] gain on the sale of his interest in the house.
b. Tim does not recognize any income from the above transactions.
c. Janet is not allowed any alimony deductions.
d. Janet is allowed to deduct $15,000 each year for alimony paid.
e. None of these.
Business
1 answer:
guajiro [1.7K]2 years ago
8 0

Answer:

d. Janet is allowed to deduct $15,000 each year for alimony paid

Explanation:

Based on the information given we were told that based on terms of the divorce agreement between the husband and the wife which is Tim and Janet, Janet would be the one to receive the house which is their only marital property in which she would as well pay Tim the amount of $15,000 each year for 5 years which means that since the term of their divorce agreement did not contain the word "ALIMONY" which simply means the ability of either the husband or the wife to make provision for either of them after a seperation or divorce has occurred between both, Janet will be allowed to deduct the amount of $15,000 each year for alimony paid because the term of the divorce agreement between Janet and Tim does not include the word ALIMONY.

You might be interested in
At Mattress Store, Nate signs a contract to buy bedroom furniture. The contract sets a schedule of $500 monthly payments, subjec
Anettt [7]

Nate finds the language of the contract to buy bedroom furniture difficult to understand due to "procedural unconscionability".

<h3>What is procedural unconscionability?</h3>

Unconscionability that results from the contract-making process rather than from a contract's terms that are inherently unfair or unreasonable

Examples of Procedural Unconscionability is-

  • influencing an underprivileged party who would not have otherwise signed the contract to do so.
  • minimising important clauses in contracts for the sake of the underdog.
  • If one side uses threats of violence against the other party, his family, or friends, this is known as coercion.

Therefore, Procedural unconscionability is based on elements that deprive a party of a meaningful choice, such as customer ignorance or a significant amount of unclear fine print.

To know more about elements required in contract-making, here

brainly.com/question/8116487

#SPJ4

6 0
2 years ago
Suppose that as the manager of the first national​ bank, you have to make decisions about the appropriate amount of bank capital
Papessa [141]
...............................................................................
7 0
3 years ago
Swifty Corporation spent $4400 to produce Product 89, which can be sold as is for $5500, or processed further incurring addition
Lady bird [3.3K]

Answer:

Relevant:

$5,500

$1,650

$7,700

Explanation:

The only data irrelevant is the first production cost. <u>The $4,400 is not relevant because it is a sunk cost. It will remain constant in both choices.</u> The other costs and income are relevant because they vary on each decision. The $4,400 should not be a part of the decision making process.

6 0
2 years ago
You are creating a portfolio of two stocks. The first one has a standard deviation of 16% and the second one has a standard devi
Marysya12 [62]

Answer:IDK

Explanation:

6 0
2 years ago
Two people can benefit from specialization and trade by obtaining a good at a price that is a. lower than his or her opportunity
denis-greek [22]

Answer: Option (a) is correct.

Explanation:

Correct Option: Lower than his opportunity cost of that good.

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

In our case, if people obtained a good at a price that is lower than his opportunity cost of that good then he will be benefited from the trade.

8 0
3 years ago
Other questions:
  • The attitude adopted by Calvin Coolidge that government should play a small role in business affairs is known as what?
    8·1 answer
  • Sarah's dog had purebred puppies that she decided to sell on www.puppyfind.com. Can Sarah exempt herself from liability for inju
    6·1 answer
  • Stockholders' Equity Section of Balance SheetThe following accounts and their balances appear in the ledger of Goodale Propertie
    9·1 answer
  • Which type of manager would most likely be responsible for researching customers’ purchasing habits?
    6·2 answers
  • Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest. That bequest wil
    11·1 answer
  • A(n) ____ is a separate, small, informal, highly autonomous, and often secretive group that focuses on breakthrough ideas for th
    12·1 answer
  • Tempest Enterprises had a sales margin of 5%, sales of $4,000,000, and invested capital of $5,000,000. The company's ROI was:___
    14·1 answer
  • managers typically monitor inventory very closely to ensure that sufficient units are available for sale and to prevent inventor
    8·1 answer
  • Transaction exposure reflects: a.the exposure of a firm's financial statements to exchange rate fluctuations. b.the exposure of
    6·1 answer
  • A perfectly competitive apple farm produces 1,000 bushels of apples at a total cost of $36,000. The price of each bushel is $50.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!