The Tax Law Defines Alimony to Include Transfers of Property

question 60

True/False

The tax law defines alimony to include transfers of property (but not cash)between former spouses.

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Definitions:

Title

A legal term referring to the official right to own or possess property.

Inventory Records

Documented information about the quantity, type, and location of inventory a business has on hand or in transit.

Inventory Shrinkage

The loss of inventory that occurs due to theft, damage, or errors in counting or documentation.

Adjusting Entry

An accounting entry made into a company's general ledger at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.