Renee and Thomas Obtained a Divorce Effective May 1,2017

question 67

Essay

Renee and Thomas obtained a divorce effective May 1,2017.In accordance with the divorce decree,Renee was required to pay Thomas alimony of $2,500 per month (payments were to stop only in the event of his death or remarriage).Furthermore,she was to transfer title of their house which had a cost of $150,000 and a fair value of $200,000 on the date of transfer,and was to continue making the monthly mortgage payments of $1,500.
(a)Determine the amount of Renee's alimony deduction in 2017.
(b)Determine the amount of Thomas's alimony income in 2017.
(c)Assume that Renee was required to pay off the remaining mortgage balance in the event that Thomas died.Does Rene's alimony deduction in 2017 change? Why or why not?

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Recent judgments or rulings made by courts that interpret and apply the law.

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Legal permission granted by a parent or guardian allowing a minor to partake in specific activities or to receive certain treatments.

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The highest court in the state of Michigan, responsible for deciding appeals on all matters, including those of constitutional and state law.

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The medical process of ending a pregnancy so it does not result in the birth of a child.