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John Norris Client 1 is Mr. John Norris. He divorced Mrs. Jane Norris March 1, 2018. The divorce decree required Mr. Norris to make the
John Norris Client 1 is Mr. John Norris. He divorced Mrs. Jane Norris March 1, 2018. The divorce decree required Mr. Norris to make the following payments: Title to the primary residence was transferred to Jane. The fair market value of the home is $225,000 and the basis is $175,000. John must pay $1,600 per month mortgage payments on the house, which has 15 years remaining. The payments will end at Jane's death. John paid every month for tax year 2022. John must pay $1,000 per month for 10 years in support payments to Jane, of which $400 per month is child support. John paid every month for tax year 2022. Jane insisted that the children attend private schools. In 2022, John paid $1,800 in tuition for private high school. In addition to the above, John owns an apartment complex. Each new tenant pays $850 for a security deposit, which is refundable upon vacating the apartment. In 2022, John collected $2,550 in security deposits and $16,000 in rental income. Ignore QBID in this problem. John won first prize in a raffle in 2022. The prize is a new car with a window price of $22,000. John discovered that the car
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