Tax Issue in the First Wives Club Essays - 1284 Words

The film is a comedy about three women seeking justice after their husbands became successful and divorced them for younger women. Brenda, Elise, Cynthia and Annie were close friends in college, but after graduation from Middlebury, they lost touch with one another for 27 years. When Cynthia committed suicide after her ex-husband married a much younger mistress, the other three women met at her funeral for the first time since college. Seeing that their friend grew unhappy after her husband left her for a younger woman, they found themselves in the similar situation. Brenda is now divorced, depressed, and struggling financially. She helped her husband Morton open a profitable chain of discount electronics stores, but now that his business†¦show more content†¦For that reason, the necklaces constitute excludable gifts. The exclusion of gifts from income taxation is to relieve double taxation caused by the gift tax. Brenda, Elise and Annie are not subject to income taxation; however, Cynthia (the donor who gave the gift) might be subject to gift tax rules, based on the fair market value of the gift. Whether the donor must pay a gift tax or not depends on several factors, such as the fair market value of the gift or total gifts made during the year. Cynthia had also given her maid her necklace before she committed suicide, saying it was a raise. Therefore, the maid recognized some income from the gift. The second recognizable tax issue is the alimony between Elise and her husband, Bill. Bill is a film producer, who achieved success through Elises connections but eventually left her for a younger actress. Bill is now suing her for the alimony and insisting that all of their marital assets be liquidated with the proceeds divided between them. Alimony is a legal obligation on a person to provide financial support to his or her spouse after divorce or separation. In other words, it is a sharing of income between two parties. Alimonies were traditionally paid by husbands to ex-wives, but since the 1970s an ex-husband may also be entitled to alimony from his former wife thanks to gender equality in many Western countries. Alimonies are taxable to the recipient andShow MoreRelatedSelection and Recruitment of Life Advisors for Bharti-Axa Life Insurance Co Ltd.6924 Words   |  28 Pagesstarted in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcu tta. 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