According to the Taxpayer Relief Act of 1997:

a. A sale of a marital residence prior to divorce would probably result in a higher tax burden.
b. There would be no tax on a residence that sold for $400,000, with a cost basis of $280,000, regardless of whether it was before or after a divorce.
c. A transfer of one spouse's interest in a home to the other, incident to a divorce, would keep the $500,000 exclusion intact.
d. The sale of a marital residence does not result in a taxable capital gain.


b

Legal Studies & Paralegal

You might also like to view...

List and describe the items that should be included in a job applicant's portfolio

Help?

Legal Studies & Paralegal

The local newspaper would be considered a __________ source

a. Primary b. Secondary c. Tertiary d. Biased

Legal Studies & Paralegal

Electronic office management systems allow access to timekeeping, calendar maintenance and accounting from almost anywhere

a. True b. False Indicate whether the statement is true or false

Legal Studies & Paralegal

Courts do not recognize which of these kinds of alimony?

A. Permanent B. Rehabilitative C. Reimbursement D. Accelerated

Legal Studies & Paralegal