Tabitha sells real estate on March 2 of the current year for $378,400. The buyer,...
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Accounting
Tabitha sells real estate on March 2 of the current year for $378,400. The buyer, Ramona, pays the real estate taxes of $18,920 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: $_______ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $____ Ramona: $________
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