Aubrey and Justin Divorced on June 30 of This Year

question 128

Essay

Aubrey and Justin divorced on June 30 of this year.Through June 30 Aubrey earned $62,000 of salary,and Justin earned $45,000.For the year Aubrey reported a total salary of $130,000,and Justin earned a total salary of $88,000.Aubrey and Justin live in a community property state.How much income earned will Justin report on his tax return for this year?

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Definitions:

Productivity Inefficiencies

Situations where resources are not utilized in the most effective way, leading to decreased output or increased costs without proportional benefits.

Lost Revenue

Refers to the money that a business could have earned but did not, due to various factors such as cancelled services or unsold inventory.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Continuous-process Production

A manufacturing method where materials are continuously fed into the process, resulting in a constant output of finished products.