Write a paper in which you analyze the following situation:
Mark and Elizabeth are going through divorce proceedings and no longer live in the same house. Elizabeth is planning to pay Mark $45,000 per year for 6 years if Elizabeth can keep the car collection. The car collection cost them about $100,000, but the cars’ value is now about $450,000. All of the couple’s other property will be equally divided. For your paper, consider the following:
—– Explain how the payments would be treated for tax purposes if Elizabeth’s payments stop when Mark dies.
—– Determine what would change in terms of taxes if Elizabeth sells the cars after 6 years.
—– Calculate the tax (benefit) to Mark (Elizabeth) if the payments qualify as part of the alimony payments. Assume that Mark has a marginal tax rate of 20 percent, and ignore the time value of money.
Support your paper with a minimum of four external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 5 pages, not including title and reference pages
This assignment must demonstrate the following:
—— compared and contrasted the events which make income taxable using this specific scenario.
—— provided examples of how alimony payments impact both parties, depending on factors provided in the scenario.
* look at CH5 attachment which can really help for this assignment.
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