Tax Research

Based on the attached documents and the facts in the case, I have raise:

ISSUIES:

(1) Whether Owen DiGovmentt is entitled to claim dependency exemptions and to a child

tax credit for his children for 2004.

(2) How the obligations Owen DiGovmentt paid to his ex-spouse have to be classified,

as alimony deduction or a child support?

RULES:

1. sexual Revenue Code - Sec. 151 (c) (1).

2. inside Revenue Code - Sec.152 (e) (1), Sec.152 (e) (2), and Sec.152 (e) (4).

3 Internal Revenue Code - Sec. 215 (a), Sec. 215 (b), Sec. 215 (c) (1), and Sec. 215 (c)

(2).

4. Internal Revenue Code - Sec. 71 (a), (b), (c), (d), (e), (f), and (g).

5. IRS - Publication 504: Divorced or Separated Individuals. Cat. No. 15006I. 2004

6. IRS - pulp 8332: Release of Claim to liberty for Child of Divorced or Separated

Parents. Rev. December 2003. OMB No. 1545-0915

ANALYSIS:

Dependency Exemptions

Generally, IRC class 151(c)(1) allows taxpayers an exemption for dependent children. In the case of divorced invokes, the custodial parent gets the exemption. That parent, however, may blowhole his or her claim to the exemption, allowing the noncustodial parent to claim the deduction. The custodial parent does this by signing Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents, which the noncustodial parent attaches to his or her tax return.

In lieu of nisus 8332, the noncustodial parent may attach a written solving conforming to the substance of form 8332. To meet the requirements of IRC section 152(e)(2), this tilt must include the

        Name of the dependent child.

        Year(s) for which the claim to the exemption has been released.

        Signature of the custodial parent confirming consent to release the tax exemption.

        Social Security number of the custodial parent.

        Date...

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