In community property estates, It is generally advisable to divide the property into separate shares between spouses in order to shield it from the creditors of one spouse, unless which of the following scenarios applies?
A: The couple holds community property that has substantially appreciated in value.
B: There is no judgment against one spouse
C: One spouse has created a living trust
D: The couple holds community property that has maintained the same value over the life of the marriage.
Answer is B. There is no judgement against one spouse.
If there is no judgement against one spouse then division of community property wouldn't be required. Hence this option is most appropriate.
In community property estates, It is generally advisable to divide the property into separate shares between...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
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