Child Support Payment from Kevin Hamblin $12,000 Alimony Payment from Kevin Hamblin $16,000 Gift from her father to help with legal bills $8,500 Interest income on U.S. Treasury Bond $400 Interest income of Madison City Bond (municipal bond) $250 Interest income from First Bank of Madison $165 Life insurance proceeds on the death of her mother $45,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ma4.

Are these actions taxable? If yes, where would it go on tax return? (2020)

 

Child Support Payment from Kevin Hamblin $12,000

Alimony Payment from Kevin Hamblin $16,000

Gift from her father to help with legal bills $8,500

Interest income on U.S. Treasury Bond $400

Interest income of Madison City Bond (municipal bond) $250

Interest income from First Bank of Madison $165

Life insurance proceeds on the death of her mother $45,000

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