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undefined Randy and Mandy were divorced in January 2016. The provisions of the divorce decree and Mandy's obligations follow: 1. Transfer the title in their
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Randy and Mandy were divorced in January 2016. The provisions of the divorce decree and Mandy's obligations follow: 1. Transfer the title in their resort condo to Randy. At the time of the transfer, the condo had a basis to Anne of $75.000, a fair market value of $95,000, it was subject to a mortgage of $65,000. 2. Mandy is to make the mortgage payments for 17 years regardless of how long Randy lives. Mandy paid $8,000 in 2020. 3. Mandy is to pay Randy $1,000 per month, beginning in 2016, for 10 years or until Randy dies. Of this amount, $400 is designated as child support. Mandy made six payments of $900 each in 2020 (January - June). What is the amount of alimony from his settlement that is includible in Randy's gross income for 2020? $11,600 $3,000 $14,000 Randy and Mandy were divorced in January 2016. The provisions of the divorce decree and Mandy's obligations follow: 1. Transfer the title in their resort condo to Randy. At the time of the transfer, the condo had a basis to Anne of $75.000, a fair market value of $95,000, it was subject to a mortgage of $65,000. 2. Mandy is to make the mortgage payments for 17 years regardless of how long Randy lives. Mandy paid $8,000 in 2020. 3. Mandy is to pay Randy $1,000 per month, beginning in 2016, for 10 years or until Randy dies. Of this amount, $400 is designated as child support. Mandy made six payments of $900 each in 2020 (January - June). What is the amount of alimony from his settlement that is includible in Randy's gross income for 2020? $11,600 $3,000 $14,000Step by Step Solution
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