In Lawrence County, the Real Property Tax Year Is the Calendar

question 71

Multiple Choice

In Lawrence County, the real property tax year is the calendar year. The real property tax becomes a personal liability of the owner of real property on January 1 in the current real property tax year (assume this year is not a leap year) . The tax is payable on June 1. On May 1, Reggie sells his house to Dana for $350,000. On June 1, Dana pays the entire real estate tax of $7,950 for the year ending December 31. How much of the property taxes may Reggie deduct?

• A)$0
• B)$2,614
• C)$2,625
• D)$7,950
• E)None of the above

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The total value of all the financial and non-financial assets owned by an individual or group, minus the value of all its outstanding liabilities.

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A German sociologist, philosopher, and political economist known for his theory of social and economic organization and his ideas on the development of capitalism.

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