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Determine the real estate taxes

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Reference no: EM132658112

Problem - Tabitha sells real estate on March 2 for $260,000. The buyer, Ramona, pays the real estate taxes of $5,200 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.

Required -

a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona.

b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale.

Reference no: EM132658112

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