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Dick and Jane are divorced in 2011.At the time of the divorce, Dick had a lawsuit pending.He had filed suit against a former employer for overtime pay.As part of a divorce agreement, Dick agreed to pay Jane one-half of the proceeds from the lawsuit.In 2012, Dick collected $250,000 from the former employer and paid Jane $125,000.What are the tax consequences for Dick receiving the $250,000 and then paying Jane the $125,000?
Transactions
The action of conducting business, trade, or an agreement between two or more parties.
UCC
The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States to harmonize the law among the states.
Baseball Bats
Sporting equipment made of wood or metal used in the game of baseball to hit the ball.
Harvested Wheat
Wheat that has been collected from fields, typically after growing and maturing over a season, and is ready for processing or sale.
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