Which of the following statements is correct concerning special assessment taxes?
A. A tax levied on property to fund public improvements that benefit the property.
B. They are tax deductible in the year the improvements were completed.
C. The are general liens.
D. The are based on th market value of the property.
Answer: A. A tax levied on property to fund public improvements that benefit the property.
You might also like to view...
Which of the following is an advantage of the single-step income statement over the multiple-step income statement?
a. It reports gross profit for the year. b. Expenses are classified by function. c. It matches costs and expenses with related revenues. d. It does not imply that one type of revenue or expense has priority over another.
Which of the following need NOT be immediately paid by a bank?
A) A cheque dated more than 2 months prior to the date it is presented for payment. B) A post dated cheque presented early C) A bill of exchange marked "payable at sight" D) Both A and B E) Both B and C