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

question 14

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. Assuming that Reggie itemizes his deductions and the $10,000 limit on state and local taxes does not apply, 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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Definitions:

Vestibular Sacs

Parts of the inner ear involved in balance, providing the brain with information about body position in relation to gravity.

Semicircular Canals

Structures in the inner ear involved in maintaining balance by sensing movements and changes in the head's position.

Cerebellum

A portion of the brain located at the back of the skull, primarily responsible for coordinating voluntary movements and maintaining balance and posture.

Synesthesia

A condition in which stimulation of one sensory or cognitive pathway leads to automatic, involuntary experiences in a second sensory or cognitive pathway.