Question
#29) Velma and Bud divorced. Velmas attorney fee of $5,000 is allocated as follows: General representation in obtaining the divorce $1,500 Services in obtaining custody
#29)
Velma and Bud divorced. Velmas attorney fee of $5,000 is allocated as follows:
General representation in obtaining the divorce $1,500
Services in obtaining custody of the child 900
Services in settlement of martial property 600
Determining the tax consequences of:
Dependency deduction for child 700
Tax Consequences of property settlement 1,300
Of the $5,000 Velma pays to her attorney in 2019, the amount she may deduct as an itemized deduction is:
Group of answer choices
a-$0
b-$700
c-$5,000
d-None of the above is correct.
Please show your calculations. Thanks.
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