Jack and Donna were divorced in 2015 and have been living apart ever since. The divorce decree required Jack to pay Donna 320.000 of alimony each year for as long as she lived and 18,000 of child support each year until 2029 when their son would turn 21. So he was supposed to pay a total of $28.000 in 2020, but he only paid her $18,000. What a deadbeat! He swears he'll pay her the rest as soon as he gets a raise at work. Anyway, how much can he deduct on his 2020 tax return under the tax rules that apply? Zero, $8.000. $10,000 $18,000 QUESTIONS Sam's annuity paid him 55,000 a year for life. The payments started at age 62 when his life expectancy was 22.5 years. But he is in excellent health and is still living at age 90. True or False: Since he has outlived his life expectancy, the entire $5,000 payment will be taxable to him when he receives it at age 90. True False QUESTION 9 Bobby and Billy are twin brothers. Bobby got divorced from Sandy in 2015, and Billy got divorced from Cindy in 2020. Each are living apart from their ex-wives now. Bobby's divorce decree requires him to pay Sandy $12,000 of allmony each year for as long as she lives. Billy's divorce decree requires him to pay Cindy $12,000 of alimony each year for as long as she lives. Bobby and Billy both pay their alimony obligations in full in 2021. True or false: Bobby can take a tax deduction for the $12,000 he pays in 2021, but Billy cannot take a cecuction for the $12.000 he pays in 2021. True False QUESTION 10 Jerry was paying off his mortgage over a 30-year period at a very favorable interest rate. The bank was losing money on it so they made him an offer. The outstanding debt was $150,000, but they said if he was willing to pay it off in full immediately, they would take $140.000 in full payment. Jerry accepted the offer and his entire 150,000 debt was discharged (wiped off) in exchange for his payment of $140,000. How much must Jerry include in his gross income as a result of this transaction? Zero O $10,000 $140,000 $150,000