Under the terms of a divorce agreement dated january 1 2016, Ask an Expert

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Under the terms of a divorce agreement dated January 1, 2016, Larry was to pay his wife Paige $3,000 per month in alimony and $600 per month in child support. Payments began on January 1, 2016. In addition, Paige received the family residence with a cost basis of $210,000 and a fair market value of $270,000. 1, What is the amount that Paige must include in income for the twelve-month period ended December 31, 2016? 2. What is the basis in the home which Paige received as a result of the divorce?

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Financial Management, Finance

Category:- Financial Management
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