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On April 1, 2020, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due
On April 1, 2020, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2020. Amy paid the full amount of property tax of $2,500. Required: Calculate both Paul's and Amy's allowable deductions for the property tax. Assume a 366-day year. (Do not round your intermediate calculations. Round your final answers to 2 decimal places.) Answer is complete but not entirely correct. Allowable Deductions Paul $ 616.44 Amy $ 1,878.00
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