Tabitha sells real estate on March 2 of the current year for $366,400. The buyer, Ramona, pays the real estate taxes of $18,320 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: $ Ramona: $ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $
Tabitha sells real estate on March 2 of the current year for $366,400. The buyer, Ramona, pays the real estate taxes of $18,320 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: $ Ramona: $ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:Tabitha sells real estate on March 2 of the current year for $366,400. The buyer, Ramona, pays the real estate taxes of $18,320 for the
calendar year, which is the real estate property tax year.
Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar.
Assume a 365-day year.
a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona.
Tabitha: $
Ramona: $
b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale.
Tabitha: $
Ramona: $
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