Sally owns real property for which the annual property taxes are $9,000. she sells the property to kate on march 9, 2017, for $550,000. kate pays the real property taxes for the entire year on october 1, 2017.

(a) how much of the property taxes can be deducted by sally and how much by kate?

(b) what effect does the property tax apportionment have on kate’s adjusted basis in the property?

(c) what effect does the apportionment have on sally’s amount realized from the sale?

(d) how would the answers in parts (b) and (c) differ if the taxes were paid by sally?

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Determine if the following statements are true or false. an increase in government spending can crowd out private investment. an improvement in the budget balance increases the demand for financial capital. an increase in private consumption may crowd out private investment. lower interest rates can lead to private investment being crowded out. a trade balance in sur+ increases the supply of financial capital. if private savings is equal to private investment, then there is neither a budget sur+ nor a budget deficit.

How many months does the federal budget usually take to prepare