When a Tax Is Imposed on an Item, It Can

question 215

Multiple Choice

When a tax is imposed on an item, it can generally be said that the incidence of the tax is

• A)entirely on the buyer.
• B)entirely on the seller.
• C)on both the buyer and seller.
• D)not determined in this manner.

---

Definitions:

Executes

Carries out or performs a task or action, often with precision and according to a plan or law.

Statute of Frauds

The Statute of Frauds is a legal concept requiring certain types of contracts to be written down and signed by all parties involved to be enforceable.

Real Estate Sales Contracts

Legally binding agreements between a buyer and seller regarding the terms of sale for real estate property.

Enforceable

Refers to a legal agreement or obligation that can be upheld or compelled by a court.