What would maximum sales deduction on tax retum for vehicle

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Reference no: EM133910791

Problem

The amount of sales tax paid for a newly purchased vehicle is determined by two factors. The first is the amount that the owher paid for the vehicle and the second is the sales tax rate in the county the vehicle was purchased. The maximum allowable sales tax rate is 15% of the vehicle's assessed value. Private party and used vehicle sales may be taxed according to their Standard Presumptive Value which is based on the vehicle's appraised value Current laws allow for any sales tax paid on a vehicle to be used as a deduction when filing tax retums. Up to 70% of the sales tax amount can be deducted from a tax retum. 41. Get the instant assignment help. According to the passage, if the Standard Presumptive Value of a vehicle is $14.655 and it is taxed the maximum allowable amount, what would be the maximum sales deduction on a tax retum for the vehicle?

Reference no: EM133910791

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