Chapter 11

Question 1

The first property tax installment of the tax year is due on

Answer 1

November 1. page 340

Question 2

Real property taxes become a lien on

Answer 2

January 1. page 341

Question 3

Taxes charged in direct relation to property value are

Answer 3

ad valorem taxes. page 336

Question 4

In California, the inheritance and gift taxes have been

Answer 4

abolished. page 347

Question 5

The second property tax installment is delinquent after

Answer 5

April 10. page 340

Question 6

Unless an extension is given, a federal income tax return must be filed for the preceding tax year by

Answer 6

April 15. page 347

Question 7

A principal residence must be occupied for how long to take advantage of the maximum exclusion of profit from taxable income?

Answer 7

Two years. page 350

Question 8

The purpose of the property tax assessed value is to

Answer 8

establish the base value. page 336

Question 9

The person responsible for determining assessed values is the

Answer 9

county assessor. page 338

Question 10

A personal residence and business equipment are considered

Answer 10

capital assets. pages 349-350