Examlex
Dick and Jane are divorced in 2017. 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 2018, 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?
Bootstrapping
A business funding strategy where entrepreneurs use their own funding and resources to start and grow their businesses.
Zero Funding
A situation in which no financial resources are provided or available for a project, initiative, or enterprise.
Seed Startup
An early stage of a startup's development, typically financed by seed capital to prove a concept or launch the first product.
Crowdsourcing
The practice of obtaining information, ideas, or content by soliciting contributions from a large group of people, typically from the online community.
Q11: On June 1, 2018, Red Corporation purchased
Q21: Sarah, a widow, is retired and receives
Q50: Nikeya sells land (adjusted basis of $120,000)
Q67: Taylor, who works for a public accounting
Q79: Brooke works part-time as a waitress in
Q87: The IRS issues an acquiescence or nonacquiescence
Q99: In applying the $1 million limit on
Q104: Tom purchased and placed in service used
Q106: During the year, Martin rented his vacation
Q169: Brayden files his Federal income tax return