Charles and camilla are getting divorced. under the terms of the decree charles will pay camilla $50,000 in cash in each of the next five years (or until camilla's death or remarriage). in addition, charles will transfer a castle worth $2,000,000 to camilla and 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 this year

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20-01-2018
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Charles and camilla are getting divorced. under the terms of the decree charles will pay camilla $50,000 in cash in each of the next five years (or until camilla's death or remarriage). in addition, charles will transfer a castle worth $2,000,000 to camilla and 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 this year

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calculista calculista · Answer 1 · 2018-01-30T22:37:15+01:00

Gross income, or gross salary, is the total payment of an individual from almost all sources. It is the starting point to determine the taxes that the individual will pay. Property and child support arrangements are not included in gross income, but alimony payments (CASH) are included. Other types of payments that do not qualify as alimony:property divisions (if a transfer of property does not meet the definition of alimony, the recipient of the transfer excludes the value of the transfer of income, and the person transferring the property can not deduct the value of the property transferred). - Childhood (not included in gross income, and can not be deducted by the person who pays them).
Based on the foregoing, in the case of Camilla she should only include the amount of $ 50,000