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1 year ago

Bert just purchased his first property. to what level(s) of government will bert have to pay real estate taxes?

Business

1 answer:

pantera1 [17]1 year ago

3 0

After purchasing his first property, Bert will have to pay real estate taxes to county and local government.

If one owns a home, they are likely familiar with real estate taxes. It can even be called property taxes. Real estate taxes are annual taxes which a homeowner must pay on the assessed value of their house. Thus, the amount of real estate taxes you pay will depend on how much your home is valued as well as the part of the country you live in.

Local governments determine tax rates of one's property. Thus, once an owner owns a property in any city or country, the owner of a real estate property will have to pay taxes to the county and local government.

Hence, Bert will have to pay real estate taxes to county and local government after purchasing a property.

To learn more about real estate taxes here:

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Answer:

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Explanation:

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The correct answer is B. False

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Answer:

Lewis should recognize a gain on the exchane of $13,636

Explanation:

In order to calculate the amount of gain or loss should Lewis recognize on the exchange, first we have to determine the amount of gain with the followig formula:

Gain=Total value of the machine received-Book value of machine exchanged

=(cash received+fair value of machine received)- $950,000

=($100,000+$1,000,000)-$950,000

=$ 150,000

Next, In order to calculate the amount of gain or loss should Lewis recognize on the exchange we have to use the following formula:

recognize gain or loss=( <u> cash received )</u>× gain

cash received+fair value of equipment received

= (<u> $ 100,000 </u>)× 150,000

$100,000+$1,000,000

=$13,636

Lewis should recognize a gain on the exchane of $13,636

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