to the funds until escrow closed on January 10. In all the previous examples, the taxpayer had a right to the funds immediately.Question65. Edit Delete row MC13.(TCO B) Under the terms of their divorce agreement executed in October 2011, Keith transferred Corporation M stock to his former wife, Karen, as a property settlement. At the time of the transfer, the stock had a basis to Keith of $20,000 and a fair market value of $50,000. What is the tax consequence of this transactionto Keith, and what is Karen's basis in the Corporation M stock? Points : Keith has a gain of $30,000; Karen's basis is $20,000. 5 5
Edit Delete 66. End of Question Pool - "" End of pool to row Question67. Start of Question Pool - "" - The exam will display 1 of these questions Edit Pool Delete Pool Pool Start Row Entire pool to row Entire pool to page Question68. MC14.(TCO G) During 2012, Edward East had wages of $10,000 and received unemployment compensation of $6,200 from the state. Edward is single and 45 years old. What is the amount of unemployment compensationto be included in his gross income?Points :EditDeleterow MC14.(TCO G) On June 3, 2012, Leon Wren, an electrician, was injured in an accident during the course of his employment. As a result of injuries sustained, he received the following payments during 2012.row 5
Damages for personal injuries: $8,000Worker's compensation: $3,000Reimbursement from his employer's accident and health plan for medical expenses paid by Wren: $1,200The amount to be included in Wren's 2012 gross incomeshould be Points : $0. CORRECT ANSWER
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- Spring '10