Ask Question
5 April, 07:06

Charles and Camilla got divorced in 2018. Under the terms of the decree Charles pays Camilla $50,000 in cash in each of the next five years (or until Camilla's death or remarriage). In addition, Charles transferred a castle worth $2,000,000 to Camilla in 2018 and will pay $12,000 per year to support their son, Clyde, until he turns 19 years old. What amount (if any) is included in Camilla's gross income in 2019?

+5
Answers (1)
  1. 5 April, 11:06
    0
    The amount that is included in Camilla's gross income in 2019 is $50,000.

    Explanation:

    Property settlement and child support are not included in gross income, but alimony payment (cash) are included.

    Therefore, The amount that is included in Camilla's gross income in 2019 is $50,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Charles and Camilla got divorced in 2018. Under the terms of the decree Charles pays Camilla $50,000 in cash in each of the next five years ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers