Question

Which, if any, of the following transactions will decreazse a taxing jurisdiction's ad valorem tax revense imposed on real estate? O a A tax holiday is granted to an out-of state business that is searching for a new factory site O b An abandoned church is coaverted to a restaurant O c A public school is razed and tumed into a city park d. A local university sells a dormitory that will be converted for use as an apartment building O e None of these. QUESTION 14 Which, if any, of the following transactions will increase a taxing jurisdiction's revenue from the ad valorem tax imposed on real estate? O a A resident dies and leaves his farm to his church e b. A large property owner issues a conservation easement as to some of her land O c A tax holiday issued 10 years ago has expired O d.A bankrupt motel is acquired by the Red Cross and is to be used to provide housing for homeless persons None of these. QUESTION 15 The AICPA Statements on Standards for Tax Services are: O a There is no such item. O b.Enforceable d Out-of-date. Click Save and Submit to save and submit. Cliek Save All Answers to save all ansuers Save All An 40 3 4 5 6 7 8 0

Answer 1

13. Answer is (a)

Explanation : Tax holiday granted to an out-of-state business that is searching for a new factory site will decrease ad valorem tax revenue imposed on real estate.

14. Answer is (c)

Explanation :Expiry of tax holiday which was issued 10 years ago will increase revenue from the ad valorem tax imposed on real estate

15. Answer is (b)

Explanation :AICPA's Statements on Standards for Tax Services (SSTSs) are enforceable tax practice standards for members of the AICPA.