of an ad valorem tax on person al use property than for busine
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following is a typical characteristic of an ad valorem tax on personalty?
A. Taxpayer compliance is greater for personal use property than for business use property.
B. None of these
C. The tax on intangibles generates considerable revenue since it is difficult for taxpayers to avoid.
D. Most states impose a tax on intangibles.
☐ E. The tax on automobiles sometimes considers the age of the vehicle.

Transcribed Image Text:Which is not a primary source of tax law?
A. Tax Court Case
O B. All of these are.
C. Proposed Regulation
O D. Revenue Ruling
E. None of these are.
OF. IRS Notice
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Ad valorem taxes are proportional to the value of the asset on which it is charged.
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