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Solved! Get answer or ask a different Question 4256

Arnold And Jane Stevens were divorced in December, 2016. Specific requirements of teh divorce decree and Mr. Stevens’ performance of those requirements follow:

  • Transfer of title in the personal residence in January, 2017 to Jane as part of a lump sum settlement. One the day of transfer his basis was $24,000, the fair market value was $27,000 and the property was subject to a mortgage of $20,000.
  • Make mortgage payments on the twenty-year mortgage. He paid $5,000 in 2017.
  • Pay Jane $252 per month, of which $300 is specified as child support. He made twelve such payments in 2017. 
  • Repay a $1,500 loan to Jane, which he did on January 1, 2017.

Assuming Jane Stevens has no other income, her 2017 gross income should be:

a. $2,700

b. $8,600

c. $3,600

d. $7,700

e. None of the above  

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