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Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions You bought a house in Hernando County, Florida, for $195,000. You gave a deposit of $25,000, assumed a recorded mortgage of $100,000, and signed a new second mortgage and note for $70,000. What are the total state taxes due as a result of this transfer of property? A. $2,100 A. $2,100 The answer is $2,100. The solution is $195,000 ÷ $100 = 1,950 taxable units. 1,950 × $.70 rate = $1,365 doc stamps on deed. $100,000 ÷ $100 = 1,000 taxable units. 1,000 × $.35 rate = $350 doc stamps on assumed mortgage note. $70,000 ÷ $100 increments = 700 taxable units. 700 × $.35 rate = $245 doc stamps on new mortgage note. $70,000 new mortgage × $.002 = $140 intangible tax on new mortgage. $1,365 + $350 + $245 + $140 = $2,100. A. $397,500 The answer is $397,500. The solution is tract A: 100% - 20% = 80%. 80% = $150,000 sale price. $150,000 ÷ .80 = $187,500 cost. $187,500 cost - $150,000 sale price = $37,500 loss from tract A. Tract B: $300,000 cost + 20% profit = $300,000 × 1.20 = $360,000 sale price. $360,000 sale price to make a 20% profit + $37,500 loss from A = $397,500 target sale price for B. |