Answer the following questions: Under a 2017 divorce agreement, Joan is required to pay her...
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Accounting
Answer the following questions:
Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $450 per month.
(a) How much of each $700 payment may be deducted as alimony by Joan?
(b) How much of each $700 payment must be included in Bills taxable income?
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(c) How much would be deductible/included if the divorce agreement were dated 2021?
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