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11 You and your spouse bought a stock five years...

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Accounting

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You and your spouse bought a stock five years ago for $5,000. You are now getting divorced and you are getting the stock and your spouse is getting other assets to compensate. The current value, at the date of transfer from your spouse, is $25,000. Who will have to pay tax on this gain? a. depends on the basis of the assets you surrendered b. you will pay 100% of the tax when the stock is sold c. you paid the tax on the appreciation at the time of the divorce so nothing unless the value increases beyond $25,000 d. if the value holds at $25,000, no one since this was the value at the time of the divorce e. you will pay one-half of the tax when you sell it and your spouse will pay the tax on the other half Long term care premiums are deductible but there are limitations as to how much may be deducted according to the age of the taxpayer and spouse. Select one: True False

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