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please give detailed answer for both questions thank you a Mrs. Betty Wong owns farm property consisting of land with an adjusted cost base of
please give detailed answer for both questions
a Mrs. Betty Wong owns farm property consisting of land with an adjusted cost base of $271,000 and a fair market value of a $365,000, along with a barn with a UCC of $90,000, a capital cost of $120,000, and a fair market value of $110,000. The property is transferred to her 67 year old son in return for a payment of $300,000 for the land. No payment is made for the barn. Describe the tax consequences of this transfer, for both Mrs. Wong and her son. Under the terms of their divorce settlement, Barry Low must pay his former spouse, Mandy Brock, $1,000 per month in child support and $1,800 per month in spousal support. While in previous years, Barry has paid the full amounts required by the settlement, in 2020, his payments total only $14,000. How will these payments be dealt with in the tax returns filed by Barry and Mandy thank you
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