subject
Business, 08.04.2020 02:17 lizdeleon248

The smiths have decided to move to antigua. they are transferring the ownership of their $950,000 home in oakland to their daughter, renee. renee has heard about proposition 13 and is nervous about not being able to afford the increase in property taxes. does she need to worry?

a. in the state of california, transferring a principal residence of $2 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised and the taxes increased.

b. when the property is transferred from the smiths to renee, the full cash value for tax purposes will be adjusted to the current market value of the property. this will increase the property taxes considerably.

c. in the state of california, transferring a principal residence of $1 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised nor the taxes increased.

d. none of the above

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 23:00
You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)
Answers: 1
question
Business, 22.06.2019 20:50
Happy foods and general grains both produce similar puffed rice breakfast cereals. for both companies, thecost of producing a box of cereal is 45 cents, and it is not possible for either company to lower their productioncosts any further. how can one company achieve a competitive advantage over the other?
Answers: 1
question
Business, 22.06.2019 22:00
What legislation increased the ability for federal authorities to tap telephones and wireless devices, tightened the enforcement of money laundering activities, as well as broadened powers toward acts of terrorism and acts such as drug trafficking?
Answers: 2
question
Business, 23.06.2019 02:00
Which of the statements is true about the values recorded in the balance sheet of a firm?
Answers: 2
You know the right answer?
The smiths have decided to move to antigua. they are transferring the ownership of their $950,000 ho...
Questions
question
Mathematics, 16.04.2021 18:50
question
Mathematics, 16.04.2021 18:50
question
History, 16.04.2021 18:50
question
English, 16.04.2021 18:50
question
Mathematics, 16.04.2021 18:50
question
Mathematics, 16.04.2021 18:50
Questions on the website: 13722361