Discuss what circumstances must be met for personal property taxes to be deductible
What will be an ideal response?
Two basic tests must be met in order for a personal property tax to be deductible. The first is that the tax must be an ad valorem tax on personal property. This means a tax is imposed based on the value of the property. The second requirement is that the tax must be imposed on an annual basis, even if the tax is not paid annually.
You might also like to view...
Sweden's smaller population explains why IKEA, Saab, and Ericsson have looked beyond their borders for significant growth opportunities
Indicate whether the statement is true or false
A generally accepted advantage of IT outsourcing is improved security
Indicate whether the statement is true or false
On the statement of cash flows, depreciation would be classified as?
a. A financing activity. b. An operating activity. c. An investing activity. d. A noncash activity.
A quantity standard is the amount of input that should go into a single unit of the product or service.
Answer the following statement true (T) or false (F)