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Bevis Bag Co. purchased a tract of land on August 28 of the current year, paying $225,000. Prior to the sale, the seller paid property
Bevis Bag Co. purchased a tract of land on August 28 of the current year, paying $225,000. Prior to the sale, the seller paid property taxes of $12500 on the property. The taxes covered the calendar year period January 1 through December 31. How much will Bevis be allowed to deduct any portion of the property taxes paid by the seller prior to the sale? A taxpayer owns the new home including the date of purchase for property tax computation. [For your answer, please use whole number and ignore the dollar sign and the comma.] Answer:
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