Harry Jones owed $20,000 in property taxes. He received a check from Investments R US in...

Harry Jones owed $20,000 in property taxes. He received a check from Investments R US in the amount of $20,000. He wrote on the back of the check "Payable to Seminole County Property Tax and sent it with a letter explaining that he was paying his taxes. The County placed a lien on Harry's property for nonpayment. Harry objected because he had paid his taxes. Using IRAC determine who is correct.

Expert Solution

The Check Received from Investments R US was in the name of the Harry jones. It is not a Barer check to simply endorse the same check to others. Harry has received a Account Payee Cheque and he cannot simply endorse the same in the name of others.

And property Taxes to Seminole County can be paid by way of account payee check but bearer checks are not accepted.

Mr. Harry Jones has to encash the Investments Check into his Bank account & then can pay the property taxes by way of another account payee check but not the same check.

Hence, the County was correct as it leads to non- payment of Property Taxes.

ekkarill92 answered 2 years ago

Jason received a check of $600 from the bonds he owns. He is subject to a...

Jason received a check of $600 from the bonds he owns. He is subject to a 30% tax rate. What is the tax on this investment income?

Which of the following describes how property taxes work? (Check all that apply.) a Property taxes...

Which of the following describes how property taxes work? (Check all that apply.) a Property taxes are a percentage of the assessed value of residential and/or commercial property. b Like NH, Massachusetts has both state and local property taxes. c For residential property, tax rates tend to be about 1-3% (annually) of a home's assessed value. d Local taxes (such as property taxes) and fees, are used to fund local schools, roads, police, courts, trash collections, etc. e A town...

A payment is received from a customer who paid in full the amount owed on its...

A payment is received from a customer who paid in full the amount owed on its account. What effect does this transaction have upon the accounting equation?

John Smith received a scholarship from university of Houston-Down town for $20,000. He used the scholarship...

John Smith received a scholarship from university of Houston-Down town for $20,000. He used the scholarship for: Tuition 12,000 Computer 1,000 Books and Supplies 3,000 Meals and lodging 4,000 Determine the effect of the scholarship on John Smith Income

Clint noticed that the Schedule K-1 he just received from ABC Partnership included a $20,000 ordinary...

Clint noticed that the Schedule K-1 he just received from ABC Partnership included a $20,000 ordinary business loss allocation. His tax basis in ABC at the beginning of ABC's most recent tax year was $10,000. Comparing the Schedule K-1 he recently received from ABC with the Schedule K-1 he received from ABC last year, Clint noted that his share of ABC partnership debt changed as follows: recourse debt increased from $0 to $2,000, qualified nonrecourse debt increased from $0 to...

Assume Tom, Duck and Harry are appointed directors of the company, Masks R Us Pty Ltd....

Assume Tom, Duck and Harry are appointed directors of the company, Masks R Us Pty Ltd. The company needs a ware-house to keep its stock. During the process of incorporation, all three of them sold the property they co-owned to the company for $1 million. That property, which the company now uses as a ware-house, had a market value of $500,000. Explain whether Tom, Duck and Harry have breached any duties under the Corporations Act 2001 (Cth)? Use a relevant precedent to support...

Omar paid the following taxes this year (2020): Real estate taxes on rental property he owns...

Omar paid the following taxes this year (2020): Real estate taxes on rental property he owns $5,000 Real estate taxes on his own residence 7,600 Federal income taxes 12,000 State income taxes 4,400 Local city income taxes 400 What amount can Omar deduct as an itemized deduction on his tax return? A) $7,600 B) $10,000 C) $12,400 D) $29,400 LABEL AND SHOW ALL WORK.

Sarah draws a check on her account at Bank of America, payable to Trees R US....

Sarah draws a check on her account at Bank of America, payable to Trees R US. a. She postdates the check by 15 days. Does this affect the negotiability? Explain. b . Identify the drawer, the drawee and payee.

1. How does property taxes in the US relates to micro economics? 2. how does the...

1. How does property taxes in the US relates to micro economics? 2. how does the reliance of property taxes revenue for the local government relates to micro economics?

The Centurion, Inc had the following balance sheet as of 12/31/01 Cash $20,000 A/R $21,200 Investments...

The Centurion, Inc had the following balance sheet as of 12/31/01 Cash $20,000 A/R $21,200 Investments $32,000 Plant assets (net) $81,000 Land $40,000 A/P - $30,000 Bonds Payable - $41,000 Common Stock $100,000 Retained Earnings $23,200 During the year 2002, the following occurred Centurion liquidates its available-for-sale debt investment portfolio at a loss of $5,000 A tract of land was purchase for $38,000 AN additional $30,000 in common stock was issue at par. Dividends totaling $10,000 were declared and paid...

Question