Question: Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stock he purchased in his
Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stock he purchased in his name and paid from the salary that he earned since the marriage. Zola collected $900 in taxable interest on certificate of deposit that she inherited from her aunt. Compute Zola's gross income under two assumptions as to the state of residency of the couple. If an amount is zero, enter "$0."
.............Idaho (Community Property State)...South Carolina (Common Law State)
Dividends .....................a. _________________ .................d. _________________
Interest ........................b. _________________ .................e. _________________
Salary ..........................c. _________________ .................f. _________________
Step by Step Solution
3.39 Rating (168 Votes )
There are 3 Steps involved in it
Under a community property system all property is deemed either to be separately owned by the spouse ... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
1187-L-B-L-T-L(7168).docx
120 KBs Word File
