Mark and Mary have been married for 12 years and have no children. The couple divorced several years ago. As part of the divorce agreement, Mary transferred stock (FMV = $50,000, AB = $15,000) to Mark. What is the amount of Mark’s gross income from receipt of the stock in 2021? Matt and Melanie have been married for 12 years and have no children. They are divorcing on January 1, 2021. Matt comes to you for tax advice. As part of their divorce, Melanie will pay Matt $2,000/month alimony until Matt finishes graduate school and can secure full-time employment (approx. 25 months). What amount, if any, does Matt included in gross income? Assume the divorce agreement is finalized January 1, 2021, and Matt receives 12 payments ($24,000 total) in 2021.
Mark and Mary have been married for 12 years and have no children. The couple divorced several years ago. As part of the divorce agreement, Mary transferred stock (FMV = $50,000, AB = $15,000) to Mark.
What is the amount of Mark’s gross income from receipt of the stock in 2021?
Matt and Melanie have been married for 12 years and have no children. They are divorcing on January 1, 2021. Matt comes to you for tax advice.
As part of their divorce, Melanie will pay Matt $2,000/month alimony until Matt finishes graduate school and can secure full-time employment (approx. 25 months).
What amount, if any, does Matt included in gross income? Assume the divorce agreement is finalized January 1, 2021, and Matt receives 12 payments ($24,000 total) in 2021.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
