Miller owns a personal residence with a fair market value of $356,600 and an outstanding first mortgage of $285,280, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $17,830 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness

Identify the three components of a family's culture and provide one example from your own experience

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.

"jake’s roof repair has provided the following data concerning its costs: fixed cost per month cost per repair-hour wages and salaries $ 20,900 $ 15.00 parts and supplies $ 7.70 equipment depreciation $ 2,800 $ 0.35 truck operating expenses $ 5,720 $ 1.60 rent $ 4,690 administrative expenses $ 3,850 $ 0.50 for example, wages and salaries should be $20,900 plus $15.00 per repair-hour. the company expected to work 2,600 repair-hours in may, but actually worked 2,500 repair-hours. the company expects its sales to be $47.00 per repair-hour. required: compute the company’s activity variances for may."