Business, 21.02.2020 02:32 kitykay2399
Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to Cecile. Casper purchased the stock for $25,000, and it had a market value of $43,000 on the date of the transfer. Cecile sold the stock for $40,000 a month after receiving it. In addition, Casper is required to pay Cecile $1,500 a month in alimony. He made five payments to her during the year. What are the tax consequences for Casper and Cecile regarding these transactions? If an amount is zero, enter "$0". a. How much gain or loss does Casper recognize on the transfer of the stock? $ b. Does Casper receive a deduction for the $7,500 alimony paid? Yes c. How much income does Cecile have from the $7,500 alimony received? $ d. When Cecile sells the stock, how much does she report? Cecile will report a gain of $ .
Answers: 3
Business, 22.06.2019 11:30
Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.
Answers: 2
Business, 23.06.2019 12:30
Mason farms purchased a building for $689,000 eight years ago. six years ago, repairs costing $136,000 were made to the building. the annual taxes on the property are $11,000. the building has a current market value of $840,000 and a current book value of $494,000. the building is totally paid for and solely owned by the firm. if the company decides to use this building for a new project, what value, if any, should be included in the initial cash flow of the project for this building? $0$582,000$840,000$865,000$953,000
Answers: 3
Business, 23.06.2019 14:30
In a partnership, loans taken out by the general partners are binding on the limited partners. aren't a liability of either the general or limited partners aren't binding on the limited partners. are null and void.
Answers: 1
Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to C...
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