Reference no: EM132381610
Question
Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to Cecile. Casper purchased the stock for $52,500, and it had a market value of $84,000 on the date of the transfer.
Cecile sold the stock for $73,500 a month after receiving it. In addition Casper is required to pay Cecile $2,625 a month in alimony. He made five payments to her during the year.
What are the tax consequences for Casper and Cecile regarding these transactions?
If an amount is zero, enter "$0".
a. How much gain or loss does Casper recognize on the transfer of the stock?
b. Does Casper receive a deduction for the $13,125 alimony paid?
c. How much income does Cecile have from the $13,125 alimony received?
d. When Cecile sells the stock, how much does she report?
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