Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair Market Value Assessment Rate Assessed Value Property Tax Rate Property Tax Due $304,000 80 $ $25.40 per $1,000 $

Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair Market Value Assessment Rate Assessed Value Property Tax Rate Property Tax Due $304,000 80 $ $25.40 per $1,000 $

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 5CE

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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Calculate the assessed value (in $) and the property tax due (in $) on the property.

Fair Market Value	Assessment Rate	Assessed Value	Property Tax Rate	Property Tax Due
$304,000	80	$	$25.40 per $1,000	$

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