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Unformatted text preview: amount from the cost of the sale of the shares in 2011. If there is a net profit in the sale of the shares, then that profit will be taxed. 29) $800 30) a) he should record a $400 income per week because it is a compensation for his services as an employee for the motel b) he should record the $1,000 as income because he is still receiving that as a compensation for his services and the fact that he transfers it to his son does not matter c) he should record the $500 as income and $100 as an exemption for child support. 32) Arnold will record the house payments as deductions for mortgage , record all the payments made to his family for alimony and child support as well as expenses. Barbara will not record any deductions and income. 39)...
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This note was uploaded on 09/27/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.
- Spring '11