Question

Chapter 10 Homework (Application) Exercise 10-16 (Algorithmic) (LO. 3, 4) Tabitha sells real estate on March 2 of the current year for $316,000. The buyer, Ramona, pays the real estate taxes of $15,800 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: $ Ramona: $1 b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $

Answer 1

Slutiont Numbes of dags veal ostate held by Tabilka from an to mar 1 Si daye 28 dey+ Iday o days Real astate anes Measure of ana chareo deductflle by fabitha O265 Tares deductible babitho Real estate IS800 O 1buy. a591.52

Nluntbes f donje real estcte held hoq Ramona frm mardh2 to 31 Dee Go days 365 days 3OS days nleasure ftoind ohages dedictibie oy Ramone sos )26s o-83s6 Reai estate taxes deductible loy Ramona IS8OU O-8356 1320 48 Soules velue t Ral esahe Tane Ramona bais in popenny 316 ou0 B202 ,48 319201 48

Amaunt malized bubtha fram Sue Real Estate daxe Sale value 31340 here fore asan-52 af rea eState tares appentioned to and is deductiue ohe fedler, Taoitha aud 13209.u af ne tares. K Ramona deductible b Ramona's basit inthe propeoty is 32920-4 ealized lon abitha foam te aud the amant Sule is 313 402 .48