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QUESTION

Mary and Bob have been married for 25 years. They are both college professors. Mary (50 years of age) makes $65,000 annually and Bob (60 years of age) makes $75,000 annually. Their oldest daughter is

Mary and Bob have been married for 25 years. They are both college professors. Mary (50 years of age) makes $65,000 annually and Bob (60 years of age) makes $75,000 annually. Their oldest daughter is getting married. Bob and Mary would like to either 1) take out a second mortgage on their home (they can get an interest rate of 7 percent) or 2) withdraw funds from their IRAs or 3) sell their rental property. The cost of the wedding is $35,000. The equity in their home is $150,000; they have $80,000 in IRAs between the two of them and the basis of the rental property is $20,000. The rental property can be sold for $120,000. Mary and Bob want to know how they should finance the wedding and if tax implications will be a factor. research memo format (1) facts, (2) issues, (3) authority list, (4) conclusion, and (5) analysis.

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***** ** the ******* ******* scenario ***** **** Mary *** *** *** have been married *** **** ** ***** Both of **** *** **** *** ********** ** ******* ********** *** ***** ****** ** **** the ******* ** $65000 and ****** ************ ** **** *** Bob **** ***** like ** **** how to finance *** ******* of ***** daughter ***** *** wedding ******** ****** ** ** $35000 and **** **** three ******* available with them ie **** *** * ******** on their **** ******** ***** from ***** IRA ** **** ***** ****** ************** ** the ******* ***** issue in *** **** is **** **** of **** are ******** ******* ***** ******* ** as ** ***** *** **** ***** **** better *** ************ ** **** ** **** provide **** **** ****** relief ******* **** *** ***** Looking ** *** ******** ** ***** **** ********** *** house would be * better ****** rather **** *** ***** twoAuthority ******* ********* list ** *** given **** ***** be *** ** ** stated **** ********** * ***** ** *** *** publication *** allows home ******** ******** ********* ** the owners But ****** ******** that *** ownership ******** ****** vests ** the ****** who ** ******** ** ***** the interest ********* Again the withdrawal ** *** ** **** ** ******* *** *** property ** covered ** the *** *** *** the possible ********** *** ******** *** ******* by *** *** *** **** ******** benefit ***** ** **** ** ********** *** ***************** ** know the **** **** **** ** the ******* *** ******* and **** * **** ****** **** ***** **** ********** the ***** ***** *** be ** **** ***** ** **** Again *** ****** ***** ** ******* ** the ******** ******** on ***** ******** A ** ******** ********* **** **** **** *** ***** ***** not fetch **** *** benefits ** *** **** run *** ** ******** ** *** ********** ** *** ** ******* *** rental ******** in *** former case *** ******* would **** to **** ******** at a ***** ***** ***** ***** IRA ** not ***** *** ** the later **** *** selling ** ****** ******** ***** ******* higher *** ******* as well ** ***** in *** series ** ******** **** ***** ** ********** in *** **** ************** ******** ** ****** that ********** a ***** would ***** **** ****** ******** **** ** *** *** ** ********* *** ***** *** raising ***** ** **** ** from *** ******** point ** **** where **** would get deduction for the ******** payments ******* ** *** ***** hand *** *** deduction ***** attract *** as **** ** future ******** and the ******* of ****** property would attract higher ***** *** ****** instability ** fixed ******

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