Question

In: Finance

A county's real property tax year runs from January 1 to December 31. Dolton sells the...

A county's real property tax year runs from January 1 to December 31. Dolton sells the real property to Nova on September 30, 2017. Nova owns the real property from September 30 through December 31. The tax for the real property tax year, January 1 through December 31, is $6,890.

Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume 365 days in a year.

The portion of the real property tax treated as imposed upon Dolton, the seller, is $ , and the amount of the tax is treated as imposed upon Nova, the purchaser is $.

Solutions

Expert Solution

Total Property Tax = $6850

Dolton owns the property from January 1 to September 29 i.e. 272 Days

Nova owns the property from September 30 to December 31 i.e. 93 Days

Hence amount of Property Tax treated to be imposed on Dolton

= $6850 * 272/365 = $5104.66 i.e. $5105 (rounded to nearest dollar)

Amount of Property Tax treated to be imposed on Nova

= $6850 * 93/365 = $1745.34 i.e. $1745 (rounded to nearest dollar)

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Assume the year runs from January 1 to December 31 for the Year 2018. On May...
Assume the year runs from January 1 to December 31 for the Year 2018. On May 1, Company DEF (“The Company”) purchased inventories costing $49,000; the Company paid $29,000 in cash and giving a one-year, 9% note for the balance; accrual of interest expense.  On August 1, The Company received $6,000 cash for legal services to be performed evenly throughout the six months period (starting on August 1); and the Company started rendering the legal services on August 1. On November...
Tabitha sells real estate on March 2 of the current year for $350,800. The buyer, Ramona, pays the real estate taxes of $17,540 for the calendar year, which is the real estate property tax year.
Tabitha sells real estate on March 2 of the current year for $350,800. The buyer, Ramona, pays the real estate taxes of $17,540 for the calendar year, which is the real estate property tax year.Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year.a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona.Tabitha: $Ramona:...
Tabitha sells real estate on March 2 for $260,000. The buyer, Ramona, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.
Tabitha sells real estate on March 2 for $260,000. The buyer, Ramona, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. b. Calculate Ramona’s basis in the property and the amount realized by Tabitha from the sale.    
Tom sells real estate on March 2 for $260,000. The buyer, Raul, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.
Tom sells real estate on March 2 for $260,000. The buyer, Raul, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.A. Determine the real estate taxes apportioned to and deductible by the seller, Tom, and the amount of taxes deductible by Raul.B. Calculate Raul's basis in the property and the amount realized by Tom from the sale.
The fiscal year of Queens County ends on December 31. Property taxes are due March 31...
The fiscal year of Queens County ends on December 31. Property taxes are due March 31 of the year in which they are levied. Queens county engaged the following transacctions in 2017 and 2018: a. On January 15, 2017, the county council levied property taxes of $170 million for the year endingDecember 31, 2017. Officials estimated that 1 percent would be uncollectible. b. During 2017 it collected $120 million. c. In January and February 2018, prior to preparing its 2017...
Sally owns real property for which the annual property taxes are$16,680. She sells the property...
Sally owns real property for which the annual property taxes are $16,680. She sells the property to Kate on April 2, 2020, for $834,000. Kate pays the real property taxes for the entire year on October 1, 2020. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $____ and Kate...
Leek Co’s profit for the year ended 31 December 2018 was €1,500,000. On 1 January 2018...
Leek Co’s profit for the year ended 31 December 2018 was €1,500,000. On 1 January 2018 Leek Co had 500,000 ordinary shares outstanding. On 1 July 2018 there was a full market price issue of 200,000 additional shares. In addition the company has one potentially convertible security: €800,000 of 5% convertible bonds, convertible into a total of 200,000 shares. Assuming a tax rate of 30%, calculate the company’s basic and diluted EPS. For calculating the basic EPS the weighted average...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 115,200 $ 141,600 Work-in-process inventory 139,200 134,400 Finished goods inventory 117,120 108,000 Direct materials purchased during the year amount to $717,600, and the cost of goods sold for the year was $2,606,880. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning inventory Manufacturing costs: Direct...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31...
The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 98,500 $ 110,700 Work-in-process inventory 107,200 105,100 Finished goods inventory 43,100 46,400 Direct materials purchased during the year amount to $513,400, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $107,200 Manufacturing...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending)...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 25,300 Work-in-process inventory 32,500 29,300 Finished goods inventory 5,300 7,300 Direct materials used during the year amount to $46,500 and the cost of goods sold for the year was $53,100. Prepare a cost of goods sold statement.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT