Solved: Matt will pay carly 50000 in cash in each of the next five, Accounting Basics

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Matt will pay carly 50000 in cash in each of the next five

Question - Matt and Carly are getting divorced. Under the terms of the divorce, Matt will pay Carly $50,000 in cash in each of the next five years (or until Carly's death or remarriage). in addition, Matt will transfer a mansion worth $2,000,000 to Carly and pay $12,000 per year to support their son Sam until he turns 19 years old. What amount if any is included in Carlys gross income this year?

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Accounting Basics: Matt will pay carly 50000 in cash in each of the next five

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