Equitable distribution of marital assets and liabilities.-- (1) In a proceeding for dissolution of marriage‚ in addition to all other remedies available to a court to do equity between the parties‚ or in a proceeding for disposition of assets following a dissolution of marriage by a court which lacked jurisdiction over the absent spouse or lacked jurisdiction to dispose of the assets‚ the court shall set apart to each spouse that spouse’s nonmarital assets and liabilities‚ and in distributing the
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further states that alimony is to cease upon the death of the wife. In 2011‚ he made six payments. How do the transactions in the divorce agreement affect Arnold’s and Barbara’s taxable income? a. Transaction will not affect Arnold’s and Barbara’s taxable income. b. Transaction will not affect Arnold’s and Barbara’s taxable income. c. Barbara will report the $9‚000 she receives in alimony as gross income for the 2011 tax year. Arnold will report the $9‚000 he paid in alimony to Barbara as a
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limited to) the following items: 1. Compensation for services‚ including fees‚ commissions‚ and similar items: 2. Gross income derived from business 3. Gains derived from dealing in property 4. Interest 5. Rents 6. Royalties 7. Dividends 8. Alimony and separate maintenance payments 9. Annuities 10. Income from life insurance and endowment contracts 11. Pensions 12. Income from discharge of indebtedness 13. Distributive share of partnership gross income 14. Income in respect of a decedent
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CHAPTER 4--GROSS INCOME: CONCEPTS AND INCLUSIONS As a general rule: Only I and II are true. I. Income from property is taxed to the person who owns the property. II. Income from services is taxed to the person who earns the income. III. The assignee of income from property must pay tax on the income. IV. The person who receives the benefit of the income must pay the tax on the income. Betty purchased an annuity for $24‚000 in 2012. Under the contract‚ Betty will receive $300 each month for
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CHAPTER 4 28. A taxpayer is considering three alternative investments of $10‚000. Assume the taxpayer is in the 28% marginal tax bracket for ordinary income and 15% for qualifying capital gains and dividends in all tax years. The selected investment will be liquidated at the end of five years. The alternatives are: Taxable Corporate Bond yielding 6% before tax‚ and the interest can be reinvested at 6% before tax. The taxable bond and reinvested earnings will accumulate at an after-tax
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Taking Care of Your Money (Budgeting) Assignment # 1 Many people are confused when it comes to budgeting. Budgeting is about studying the past and planning for the future. In order to create a reasonable budget for the coming academic year‚ you should understand where your money comes from and where it’s being spent now. For the next two weeks ‚ record your income and spending and fill out weeks 1 & 2 in chart A. For the next two weeks (3&4)‚ try to estimate a realistic budget amount for
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not limited to) the following items: Compensation for services‚ including fees‚ commissions‚ fringe benefits‚ and similar items; Gross income derived from business Gains derived from dealings in property Interest Rents Royalties Dividends Alimony and separate maintenance payments Annuities Income from life insurance and endowment contracts Pensions Income from discharge of indebtedness Distributive share of partnership gross income Income in respect of a decedent; and Income from an
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Credits_________________ = TAX OWED ABRIDGED INCOME TAX ACCOUNTING I. Gross Income [§ 61] — A. Wages‚ Salaries‚ and Tips B. Interest Income C. Dividend Income D. Other (Net) Income—Reduced by Deductible Expenses 1. State & Local Income Tax Refunds 2. Alimony Received 3. Business Income or Loss 4. Capital Gains or Losses 5. Taxable IRA Distributions‚ Pensions‚ & Annuities 6. Rents‚ Royalties‚ Partnerships‚ S-Corporations‚ Estates‚ Trusts 7. Unemployment Compensation & Social Security 8. Other Income
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week. Using the scenario below‚ you are to draft a divorce decree‚ which is the final order of the court and dissolves the marriage and any and all outstanding issues of the marriage; this would include property‚ debt‚ children custody‚ support (alimony and child support)‚ and miscellaneous issues. In this scenario‚ Patty filed divorce. Therefore‚ Patty is the Plaintiff and David is the Defendant. In some jurisdictions‚ the Plaintiff will be called the Petitioner‚ while the Defendant will be referred
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“Can Sudan Split Without Falling Apart” 1. The fact that families like Achai Chol’s are leaving northern Sudan indicates that the people would rather be in southern Sudan fighting for southern independence to stop the imminent war and creating a better life for them and their families. 2. The thesis of the article is that Sudan has been politically unstable over the period of its two long civil wars. The south did not identify with the Arab led Sudanese society and created a referendum
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