Jim and Nora,residents of a community property state,were married in early 2014.Late in 2014 they separated,and in 2015 they were divorced.Each earned a salary,and they received income from community owned investments in all relevant years.They filed separate returns in 2014 and 2015.
A) In 2015,Nora must report only her salary and one-half of the income from community property on her separate return.
B) In 2015,Nora must report on her separate return one-half of the Jim and Nora salary and one-half of the community property income.
C) In 2015 Nora must report on her separate return one-half of the Jim and Nora salary for the period they were married as well as one-half of the community property income and her income earned after the divorce.
D) In 2015,Nora must report only her salary on her separate return.
E) None of these.
Correct Answer:
Verified
Q63: Office Palace,Inc. ,leased an all-in-one printer to
Q66: On January 5,2015,Tim purchased a bond paying
Q68: Teal company is an accrual basis taxpayer.On
Q70: Wayne owns a 30% interest in the
Q71: As a general rule: I.Income from property
Q71: The Maroon & Orange Gym,Inc. ,uses the
Q73: Jerry purchased a U.S. Series EE savings
Q74: Travis and Andrea were divorced. Their only
Q77: The Green Company, an accrual basis taxpayer,
Q78: Mike contracted with Kram Company, Mike's controlled
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents