With Respect to Alimony and Property Settlements in a Divorce

question 80

Multiple Choice

With respect to alimony and property settlements in a divorce or separation,all of the following are true with the exception of

• A)a property settlement does not result in income to either spouse.
• B)no tax deduction is allowed for payment of a property settlement.
• C)the spouse receiving a property settlement has a basis equal to the basis of that property to the paying spouse prior to payment.
• D)no deduction is allowed for alimony paid to the former spouse if a property settlement is also paid.

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Definitions:

Spanish Colonization

The period during which Spain conquered and established colonies in the Americas from the late 15th to the early 19th centuries, involving significant cultural, economic, and demographic changes.

Seventeenth Century

The period extending from the year 1601 to 1700, marking a time of significant historical events and developments globally.

White New England Settlers

White New England Settlers refers to the European immigrants, particularly from the British Isles, who established colonies in the northeastern part of what is now the United States during the 17th and 18th centuries.

Chesapeake

A region in the United States known for the Chesapeake Bay, significant for its history, ecology, and economy.