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Assume for this question only that Melissa has a healthy baby boy and they name him Kole. The stress of the new baby deteriorates their
Assume for this question only that Melissa has a healthy baby boy and they name him Kole. The stress of the new baby deteriorates their relationship and Kenny and Melissa break up 6 months later. Kenny is ordered by the court to pay $2,000 a month in child support to Melissa which includes $4,000 a year for day care costs. What is Kennys yearly taxable gift to Melissa and how much is deductible for income tax? What other considerations should be taken considering Koles condition during the negotiation process?
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