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jonny [76]
4 years ago
10

Will and Janine are divorced during the current year. Will is to have custody of their two children and will receive their house

as part of the divorce sttlement. The house, which Will and Janine bought for $60000 is worth $100000. Janine is to receive one of their automobiles, for which they paid $21000 and which is now worth $9000. Will will get the other automobile, which cost $6000 and which is now worth $2000. Janine is to pay Will alimony of $900 per month. However, the alimony payment is to be reduced by $200 per month as each child reaches age 8 or if a child shoud die or marry before reaching age 18. What are the tax effects of the divorce settlement for Will and Janine?
Business
1 answer:
Leto [7]4 years ago
7 0

Answer:

Since Will is getting the custody of their two children, he can claim them as dependents and deduct exemptions when he files his taxes.

  • child tax credit ($2,000 per child under 18)
  • child and dependent tax credit (up to $3,000 per child under 13 and $500 for dependent over 13)
  • American opportunity education credit (up to $2,500 per child that studies x 4 years maximum)

Alimony can no longer be deducted from Janine's AGI, nor it should be included in Will's AGI.

Property distributions (cars and house) will not have any effect in their taxes, but if they sell them, their basis will be the value at the time of divorce.

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Answer: An increase in revenue will be an increase in equity.

Explanation:

Consulting Revenue is the total/gross revenue earned by a consulting company in an year. It should exclude the cost of material and sub-contracts.

Suppose we earned consulting revenue of $700. So it will increase the total revenue of the business.

Total equity is gross /total of the investment in the company plus subsequent profit of the company. Along with it we will exclude all subsequent paid out.

Rise in revenue will uplift the net profit. Increase in revenue will result in increase in equity.

To know more about consulting revenue, refer to this link:

brainly.com/question/14811584

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2 years ago
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If a regulator sets price where P = AC for a natural monopoly, output will be A. less than the competitive level and greater tha
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I think It is D

Explanation:

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3 years ago
You buy 100 shares in a no-load mutual fund at its net asset value of $10. during the year, the mutual fund distributes $0.75 in
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oksano4ka [1.4K]

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7.32

Explanation:

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d.economic duress

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In the context, the conduct of Roger against Karl is probably can be called as the 'economic duress' as Roger informs Karl before the deadline of filing the response that he will not represent himself against IRS unless Karl enters into a deal of an expensive retainer agreement. Thus it is an economic duress that Roger is showing and forcing Karl to agree on his demands.

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