Question
Please help me with my homework soon. I am having a hard time! Assume this is all for 2017. 1. Jamie and Carl are getting
Please help me with my homework soon. I am having a hard time!
Assume this is all for 2017.
1. Jamie and Carl are getting divorced. Under the terms of the divorce, Jamie will pay Carl $50,000 in cash in each of the next 5 years. In addition, Jamie will transfer a mansion worth $2,000,000 to Carl and pay $12,000 per year to support thier son, Sam, until he turns 19 years old. What amount, if any, is included in Carl's gross income this year?
2. Gerald is a former executive who is retired. This year Gerald received $250,000 in pension payments and $10,000 of social security payments. What amount must Gerald include in his gross income?
THANK YOU IN ADVANCE!!!
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