Which Taxes May Be Applied to Two Major Types of Property

question 63

Multiple Choice

Which taxes may be applied to two major types of property including real property and personal property?

• A)Ad valorem
• B)Severance
• C)Selective
• D)Gross receipt

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Definitions:

Rescind

To revoke, cancel, or annul a contract or agreement, typically due to the discovery of errors or fraud.

Innocent Misrepresentation

A false statement made by one party to another without knowledge of its falsity, not intended to deceive, but which leads the other party to enter into a contract or agreement.

Damages

Monetary compensation awarded by a court to a person who has suffered loss or harm due to the unlawful act or negligence of another.

Nondisclosure

An agreement in which parties agree not to reveal information covered by the agreement.