Under the terms of a divorce agreement entered into in 2017, Kim was to pay her husband Tom $7,000 per month in alimony. Kim’s payments will be reduced to $3,000 per month when their 9 year-old son becomes 21. The husband has custody of their son. For a twelve-month period, Kim can deduct from gross income (and Tom must include in gross income): A) 60,000
B) 48,000
C) 36,000
D) $0
E) None of these

C) $36,000

Explanation:

Only alimony payments for the year may be deducted from gross income. Child support may not.

After the child turns 21, Kim pays $3,000 only which means that $3,000 was the alimony amount net of child support.

The yearly deduction is;

= 3,000 * 12

= $36,000

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

just took it 100%