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Questions and Problems 2-35 5. How are qualified dividends taxed in 2017? Please give the rates of tax which apply to 10 2.2 qualified dividends, and specify when each of these rates applies- -- 6. If a taxpayer holding Series 1 Bonds does no taxation of the bonds, how is the interest that accrues each year on the bonds taved? t make an election with respect to the O 2.2I 7. Sally and Charles Heck received the following dividends and interest during 2017 10 2.2 Jointly Charles s350 850 Sally Qualifying dividends Altus Inc. Buller Corp. Gene Corporation Devona Corporation $2,000 $3,100 Interest: Porcine Bank River Bank City of New York Bonds 1,245 650 $100 Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 (on for them for the 2017 tax year. Do not attempt to complete the Qualified Dividends and Capital Gain Tax Worksheet. 8. Answer the following questions, assuming that the related di vorce agreements werde LO 2.3 executed during 2017 a. Under a divorce agreement, Joan is required to pay her ex-husband, Bill, $700a th until their daughter is 18 years of age. At that time, the required payments are reduced to $450 per month. 1. How much of each $700 payment may be deducted as alimony by Joan? 2. How much of each $700 payment must be included in Bill's taxable income? b. Under the terms of a property settlement executed during 2017, Jane transferred property worth $450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer? 2. What is the amount of Tom's tax basis in the property he received from Jane? 9. Arlen is required by his divorce agreement to pay alimony of $2,000 a month and child support of $2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments 44 for Jane? Arlen Jane