Determine the tax effects on both parties

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Reference no: EM133676321

Problem

I. Ann is required under a pre-TCJA divorce decree to pay alimony of $2,000 per month and child support of $3,000 per month. Ann has only been paying $4,000 per month because she thinks the child-support obligation is too high. On Ann's tax return, which portion of the payments does she treat as alimony and which part is considered child support?

II. When Fifi, a sheriff 's deputy, was injured on the job, she was allowed under her contract with the state to choose between a $1,000 weekly sick-pay distribution and an $850 weekly workers' compensation pay-ment. Which one should Fifi select?

III. Phil is a used-car dealership manager. To obtain advanced skills in management and marketing, he enrolls in the weekend MBA program at State University, located 20 miles from his home. Does Phil qualify for an educational credit?

IV. Phil is a used-car dealership manager. To obtain advanced skills in management and marketing, he enrolls in the weekend MBA program at State University, located 20 miles from his home. Does Phil qualify for an educational credit?

V. Sally sells her home to Bob and pays $9,000 in points for Bob's mortgage, by receiving $9,000 less in sale proceeds. Determine the tax effects on both parties.

Reference no: EM133676321

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