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28 March, 02:48

Barney and Betty got divorced in 2018. In the divorce decree Betty agreed to transfer 100 shares of common stock worth $50,000 and pay Barney $24,000 per year for five years (or until Barney's death or remarriage). What amount (if any) is included in Barney's gross income this year

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  1. 28 March, 05:31
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    Barney's gross income this year is $24000

    Explanation:

    we know here Barney and Betty got divorced

    and it is here clear that Betty transfer 100 % share

    here common stock = $50000

    so

    Barney's gross income amount for this year is $24000

    because here the alimony payments is in cash pursuant to the divorce

    and it is not survive the death of the recipient

    so Barney's gross income this year is $24000
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