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andrew11 [14]
3 years ago
6

Out of state seller sold a property for $489,000. The property was highly leveraged resulting in cash proceeds to the seller of

$5,500. How much should be withheld subject to the Colorado Department of Revenue Income Tax?
a.$9780

b.$5500

c.$110

d.$978
Business
1 answer:
jek_recluse [69]3 years ago
8 0

Answer:

correct option is b.$5500

Explanation:

given data

sold property = $489,000

highly leveraged resulting  cash = $5,500

to find out

How much withheld  to the Colorado Department of Revenue Income Tax

solution

we know that when any seller out of state address then state direct close  withholding = 2 percentage of net proceeds or  purchase price

which is less we take that and here 2% is

2 percentage of sold price = 2% of $489,000

2 percentage of sold price = $9780

so we can say $9780 amount is higher than proceeds amount =  $5,500

so we take here lesser amount i.e. $5,500 as withheld potential tax liability

so correct option is b.$5500

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2

Hope this helps

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Answer:

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Explanation:

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Answer:

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