Laura and Leon were granted a divorce in 2019. In accordance with the decree, Leon made the following payments to Laura in 2019: Child support payments contingent on the age of the child $4,000 Annual cash payments, other than child support, specified as alimony in the divorce agreement $6,000 How much should Laura include in her 2019 taxable income as alimony?

Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.        Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access other

Irma and Darrell were divorced on November 1, 2019, after 22 years of marriage. Their current year's income received before the divorce was as follows: Darrell's salary $78,000 Irma's salary 90,000 Rent on rental units purchased by Darrell 25 years ago 110,000 Dividends on stock Irma inherited from her grandfather 10 years ago 700 Interest on a savings account in Irma's name funded with her salary 320 Allocate the income to Irma and Darrell assuming that they live in: a. Washington Darrell: $                  Irma: $   b. Wisconsin Darrell: $                    Irma: $

Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income.These transactions _______ (increase/decrease) Evan's AGI by ____

Ted and Alice were divorced in January 2018. The provisions of the divorce decree and Alices's obligations follow: 1. Transfer the title in their resort condo to Ted. At the time of the transfer, the condo had a basis to Alice of $95,000, a fair market value of $115,000; it was subject to a mortgage of $85,000. 2. Alice is to make the mortgage paynents for 17 years regardless of how long Ted lives. Alice paid $12,000 in 2020. 3. Alice is to pay Ted $1,000 per month, beginning in 2018, for 10 years or until Ted dies. Of this amount, $500 is designated as child support. Alice made five payments of $900 each in 2021 (January - May). What is the amount of alimony from his settlement that is includible in Ted's gross income for 2021?

In 2021, Alejandro made a gift of $4,000,000 to each of his three sons in 2021. He has made no previous gifts. What is the amount of his taxable gifts and the gift tax?

At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016 purchase of his residence. When his daughter went to college in the fall of 2019, he borrowed $20,000 through a home equity loan on his house to help pay for her education. The interest expense on the main mortgage is $15,000, and the interest expense on the home equity loan is $1,500. How much of the interest is deductible as an itemized deduction? $________________ is deductible because the______________   is not deductible.

Parviz withdrew $15,000 from his RRSP under the Home Buyers' Plan in 2019 and used the funds for a down payment on a qualifying home. He made a repayment of $700 in 2021. Taking into consideration his repayment, his Home Buyers' Plan will have what effect on his net income for 2021?

Diego, age 28, married Dolores, age 27, in 2021. Their salaries for the year amounted to $48,000. They had dividend income of $2,500. Diego and Dolores' deductions for adjusted gross income amounted to $3,000, their itemized deductions were $16,000, and they have no dependents. Their 2021 EIP was equal to the 2021 RRC. Table for the standard deduction Filing Status Standard Deduction Single $12,550   Married, filing jointly 25,100   Married, filing separately 12,550   Head of household 18,800   Qualifying widow(er) 25,100   d.  What is their tax liability for 2021?

Harry is divorced from Kate. Pursuant to the divorce decree, they alternate years claiming their son, Frank (8), as a dependent. In 2020, Kate, the custodial parent, claimed Frank as a dependent. In March of 2021, Kate received an Economic Impact Payment (aka the third stimulus payment) of $2,800 ($1,400 for herself and $1,400 for Frank), and Harry received a stimulus payment of $1,400 for himself only. For 2021, Kate released Frank's dependency exemption to Harry. Harry filed his 2021 return using the Single filing status and reported adjusted gross income of $62,000. Which of the following is true regarding Harry's 2021 Recovery Rebate Credit?  a.Harry may claim a $1,400 credit for Frank.  b.Harry may claim a phased-down credit of $950 for Frank.  c.Harry will be entitled to claim one-half of Frank's stimulus. He will receive a credit of $700 on his 2021 return, and Kate will have a corresponding $700 in additional taxes due on her return.  d.Harry is not eligible for the Recovery…