It's March 2022 and you are a property manager of a 125,000 sq. ft. mixed-use property. You have been tasked to send out CAM, Property Tax and Insurance reconciliation letters for 2021. The following were your expenses for 2021: Operating Expenses (Recoverable) are $100,000 Annual Taxes are $150,000 Insurance is $10,000 Rick's Seafood leased a 5,000 sq. ft. space and pays his pro-rata share of CAM, Tax, Insurance based on GLA. He paid the following monthly estimated charges in 2021 for CAM, Tax, and Insurance. Tax - $500 per month Insurance - $10 per month Operating Expenses (CAM) - $250 per month What would be the year-end CAM, Insurance, and Tax reconciliation billings for Rick's Seafood? (Show work)
It's March 2022 and you are a property manager of a 125,000 sq. ft. mixed-use property. You have been tasked to send out CAM, Property Tax and Insurance reconciliation letters for 2021. The following were your expenses for 2021: Operating Expenses (Recoverable) are $100,000 Annual Taxes are $150,000 Insurance is $10,000 Rick's Seafood leased a 5,000 sq. ft. space and pays his pro-rata share of CAM, Tax, Insurance based on GLA. He paid the following monthly estimated charges in 2021 for CAM, Tax, and Insurance. Tax - $500 per month Insurance - $10 per month Operating Expenses (CAM) - $250 per month What would be the year-end CAM, Insurance, and Tax reconciliation billings for Rick's Seafood? (Show work)
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 48P
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It's March 2022 and you are a property manager of a 125,000 sq. ft. mixed-use property. You have been tasked to send out CAM, Property Tax and Insurance reconciliation letters for 2021.
The following were your expenses for 2021:
Operating Expenses (Recoverable) are $100,000
Annual Taxes are $150,000
Insurance is $10,000
Rick's Seafood leased a 5,000 sq. ft. space and pays his pro-rata share of CAM, Tax, Insurance based on GLA. He paid the following monthly estimated charges in 2021 for CAM, Tax, and Insurance.
Tax - $500 per month
Insurance - $10 per month
Operating Expenses (CAM) - $250 per month
What would be the year-end CAM, Insurance, and Tax reconciliation billings for Rick's Seafood?
(Show work)
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