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RMA ELIGIBIITY EXAM > EXAM > Flashcards

EXAM Flashcards

1
Q

REASONABLE AND PROBABLE USE WHICH WILL SUPPORT THE HIGHEST PRESENT VALUE AS DEFINED.

A

HIGHEST AND BEST USE

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2
Q

______ IS DETERMINED BY THE INTERACTION OF THE FORCES OF SUPPLY AND DEMAND

A

MARKET VALUE

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3
Q

FOUR AGENTS OF PRODUCTION

A

LABOR=WAGES
CAPITAL=BUILDING/EQUIPMENT
COORDINATION=MANAGEMENT
LAND=SITE (LAND IS ALWAYS THE LAST AGENT)

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4
Q

EXISTS WHEN ALL AGENTS OF PRODUCTION ARE SATISFIED AND MAX PRODUCTIVITY IS REACHED

A

BALANCE

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5
Q

ESTABLISHES LAND VALUE WHEN THE SURPLUS INCOME IS CAPITALIZED INTO A VALUE CONCLUSION BY THE LAND CAP RATE

A

SURPLUS PRODUCTIVITY

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6
Q

NOTHING REMAINS STATIC-CHANGE IS INEVITABLE

A

CHANGE

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7
Q

PROFIT TENDS TO ENCOURAGE AN INCREASE IN COMPETITION UNTIL THE MARKET IS SATURATED, THEN ALL WILL BEGIN TO SUFFER A LOSS OF INCOME

A

COMPETITION

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8
Q

LAND AND IMPROVEMENTS MUST BE VALUED AS IN ONE USE

A

CONSISTENT USE THEORY

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9
Q

VALUE IS CREATED BY THE ANTICIPATION OF FUTURE BENEFITS

A

ANTICIPATION

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10
Q

MARKET VALUE CONDITIONS (5)

A 
1-REASONABLE EXPOSURE TO MARKET
2-WILLING BUYER/WILLING SELLER
3-NEITHER SIDE UNDER ABNORMAL PRESSURE
4-FREE AND OPEN MARKET
5-TYPICAL FINANCING
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11
Q

PROPERTY VALUE IS INFLUENCED BY ESTABLISHED SOCIAL, ECONOMIC, ARCHITECTURAL STANDARDS

A

CONFORMITY

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12
Q

THE VALUE OF ANY IMPROVEMENT IS MEASURED BY WHAT IT ADDS TO TOTAL PROPERTY VALUE, NOT BY ITS COST

A

CONTRIBUTION

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13
Q

NO PRUDENT PERSON SHOULD PAY ANY MORE THAN THE COST TO PURCHASE AN EQUALLY DESIRABLE SITE AND CONSTRUCT AN IMPROVEMENT WITH THE SAME UTILITY, AMENITY, OR INCOME STREAM

A

SUBSTITUTION

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14
Q

PROPERTY VALUE CAN INCREASE WHEN ASSOCIATED WITH PROPERTIES OF GREATER VALUE, AND CONVERSELY, PROPERTY VALUE CAN DECREASE WHEN ASSOCIATED WITH PROPERTIES OF LESSER VALUE

A

PROGRESSION AND REGRESSION

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15
Q

ALL PROPERTIES WILL GO THROUGH A LIFE CYCLE, GROWTH-STABILITY-AND DECLINE

A

INCLINING AND DECLINING PERIODS

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16
Q

THE 2 MOST COMMON MEASURES EMPLOYED IN MASS APPRAISAL ARE THE

A

MEDIAN AND COD

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17
Q

IN KANSAS A COD OF __ OR LESS IS CONSIDERED ACCEPTABLE

A

20

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18
Q

PRD

A

MEAN/WEIGHTED MEAN

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19
Q

COV=

A

STANDARD DEVIATION/MEAN

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20
Q

A PRD VALUE LOWER THAN ___ INDICATES HIGHER VALUE PROPERTIES ARE APPRAISED HIGH, PROGRESSIVE

A

.98

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21
Q

labor, materials, equipment, subcontractors

A

direct costs

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22
Q

contractors, overhead/profit, architect, surveyors, legal, permits, insurance, taxes, selling expenses

A

indirect costs

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23
Q

lumping together all components of the structure, cost per sq ft

A

Comparative unit method

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24
Q

curable physical deterioration is what the prudent buyer would fix and is measured by

A

cost to cure

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25
Q

THE REND PAID IN A SITUATION WHERE ACTUAL OR CONTRACT RENT EXCEEDS MARKET

A

excess

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26
Q

LAND RATE

A

DISCOUNT+ETR

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27
Q

BUILDING CAP RATE

A

DISCOUNT+ETR+RECAPTURE

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28
Q

PRESENT WORTH OF FUTURE BENEFITS, PROPERTY RISK RATE AND INTEREST

A

DISCOUNT RATE

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29
Q

WEIGHTED AVERAGE OF THE LAND AND CAP RATES

A

OVERALL RATE

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30
Q

LANDLORD SHARE OF GROSS RENTAL INCOME LESS THE LANDLORD SHARE OF EXPENSES (INCLUDING 10% MGMT FEE) EQUALS THE

A

LANDLORD SHARE OF NET RENTAL INCOME

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31
Q

EARLIEST KNOWN TYPE OF LAND DESCRIPTION IS THE

A

BOUNDED DESCRIPTION

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32
Q

BEARING, DISTANCE, LAND REFERENCE

A

METES AND BOUNDS

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33
Q

LATITUDE, LONGITUDE OR STATE PLANE

A

COORDINATE

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34
Q

SQ FT, ACRE, SITE OR LOT AND FRONT FOOT UNITS OF COMPARISON

A

RESIDENTIAL LAND

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35
Q

SQ FT, FRONT FOOT, AND ACRE UNITS OF COMPARISON

A

COMMERCIAL LAND

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36
Q

UNITS OF COMPARISON: ACRES

A

AG LAND

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37
Q

PREFERRED METHOD OF LAND VALUATION IS

A

SALES COMPARISON APPROACH

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38
Q

SALES PRICE-IMPROVEMENT VALUE

A

ABSTRACTION

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39
Q

LAND 2 BUILDING RATIO

A

ALLOCATION

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40
Q

FILING DEADLINE FOR OIL AND GAS

A

APRIL 1

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41
Q

COUNTY PUBLISHES TRENDS AT LEAST __ DAYS PRIOR TO MAILING NOTICES

A

5

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42
Q

1ST HALF TAXES DUE

A

DEC 20

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43
Q

2ND HALF TAXES DUE

A

MAY 10

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44
Q

DIFF BT ECONOMIC LIFE AND REMAINING ECON LIFE IS

A

EFFECTIVE AGE

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45
Q

IF COMMERCIAL PROPERTY IS NOT IN USE, THEY ARE

A

EXEMPTED FROM TAXES

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46
Q

NEW RES. NHBD COD SHOULD BE

A

10 OR LESS

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47
Q

WHO CAN SIGN A RENDITION?

A

OWNER
SPOUSE
TAX REP

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48
Q

TAXPAYERS MUST FILE ANNUAL CLAIM FOR EXEMPTION BY

A

MARCH 1

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49
Q

THIS GRANTS POWER TO USE/ACCESS ANOTHER PERSONS LAND

A

EASEMENT

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50
Q

OLDER RES NHBD COD SHOULD BE

A

15 OR LESS

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51
Q

TWO MOST COMMON MEASURES IN MASS APPRAISAL

A

MEDIAN

COD

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52
Q

TAXPAYERS MUST APPEAL NOTICE OF PERSONAL PROPERTY VALUES BY

A

MAY 15TH

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53
Q

ACCEPTABLE MEASURE OF DISPERSION IN KS IS A COD OF

A

20 OR LESS

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54
Q

5 DIMENSIONS FOR CLASSIFYING REAL ESTATE (SOFAS)

A 
SITE
OWNERSHIP
FUNCTION
ACTIVITY
STRUCTURE
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55
Q

COMPOSITE MAP CONTAINS

A 
SOIL OVERLAY (SOIL TYPES)
PROPERTY OWNERSHIP (PARCEL)
PHOTO BASE MAP (PHOTO)
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56
Q

PERSONAL PROP USED FACTOR CALCULATION IS

A

USED COST X USED FACTOR

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57
Q

COV=

A

STANDARD DEVIATION/MEAN RATIO X 100

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58
Q

PROPERTIES LIFE CYCLE

A

GROWTH
STABILITY
DECLINE

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59
Q

MCF=

A

1000 CU FT GAS

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60
Q

COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIP ASSESSMENT

A

25%

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61
Q

MOTOR VEHICLE ASSESSMENT

A

30%

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62
Q

WHAT CODE IS REQUIRED BY PVD DIRECTIVE FOR ALL PARCELS

A

FUNCTION

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63
Q

SALES RATIO=

A

APPR VALUE/SALES PRICE

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64
Q

RCWN/USED FACTOR=

A

USED COST

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65
Q

PROPERTY NOT VALUED BASED ON FAIR MARKET VALUE

A

TRUCKS>20,000 LBS
COMM AND IND EQUIP
AG LAND

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66
Q

CLERK CERTIFIES ASSESSMENT ROLLS TO PVD BY

A

JULY 15TH

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67
Q

% DECLINE

A

PRIOR YR-CURRENT YR/PRIOR YEAR

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68
Q

MACH AND EQUIP IN THE COMMERCIAL SUBCLASS THAT IS BEING USED, CANNOT BE LESS THAN ___ % RCWN

A

20

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69
Q

MINERAL LEASEHOLD INTEREST ASSESSMENT RATE

A

30%

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70
Q

SMALLER COMMERCIAL JURISDICTION COD SHOULD BE

A

20 OR LESS

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71
Q

COMMERCIAL EQUIP DEPRECIATION IS

A

LIFE>7 YEARS GOES ON A 7 YEAR STRAIGHT LINE DEPR.

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72
Q

MEDIUM DUTY TRUCK IS

A

12,001-33000 LBS

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73
Q

STANDARD DEVIATION USES THE

A

MEAN RATIO

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74
Q

CENTRAL TENDENCY ACCEPTABLE RANGE IS

A

90 70 110 FOR THE MEDIAN

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75
Q

FIRST 1/2 TAXES DUE BY

A

DEC 20TH

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76
Q

OIL RENDITIONS SHOW __ YRS HISTORY IN ___ VOLUMES

A

2, MONTHLY

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77
Q

THE TOTAL AMOUNT A CONSUMER WOULD PAY TO ACQUIRE NEW PROPERTY IN ORDER TO USE IT TO PRODUCE INCOME IS

A

RCWN (RENTAL COST WHEN NEW)

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78
Q

OIL LEASEHOLD INTEREST THAT AVERAGES

A

25%

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79
Q

MOST USED METHOD OF COST IS

A

COMPARATIVE UNIT METHOD

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80
Q

ANNUAL PRODUCTION IS

A

DAILY PROD X 365

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81
Q

GAS PRODUCTION RENDITION HISTORY IS

A

5 YR ANNUAL

82
Q

4 CLASSES OF AG LAND (DINT)

A

DRY CULTIVATED
IRRIGATED
NATIVE GRASSLAND
TAME GRASSLAND

83
Q

CHANGE

A

NOTHING REMAINS STATIC, CHANGE IS INEVITABLE

84
Q

THE PERIOD OVER WHICH THE IMPROVEMENTS CONTRIBUTE TO THE VALUE OF THE PROPERTY

A

ECONOMIC LIFE

85
Q

APPEALS CAN BE SUBMITTED __ DAYS AFTER THE MAILING

A

30

86
Q

THIS PASSES ALL RIGHTS AND INTERESTS W/O WARRANTY

A

QUIT CLAIM DEED

87
Q

COUNTY APPRAISER HAS TO MAIL NOTICES OF REAL PROPERTY BY

A

MARCH 1

88
Q

OIL AND GAS FILING DATE IS

A

APRIL 1

89
Q

GAS WELL

A

> 15000 CU FT OF GAS PER BARREL OF OIL

90
Q

COMMERCIAL IND MACHINERY AND EQUIP RCWN OF $___ OR LESS ARE EXEMPT

A

$400

91
Q

PROGRESSION

A

PROPERTY VALUE CAN INCREASE WHEN ASSOCIATED WITH PROPERTIES OF GREATER VALUE

92
Q

CONTRIBUTION

A

THE VALUE OF ANY IMPROVEMENT IS MEASURED BY WHAT IT ADDS TO THE TOTAL PROPERTY VALUE, NOT BY ITS COST

93
Q

ALL INFORMAL MEETINGS/HEARINGS HAVE TO BE HELD BY

A

MAY 15TH

94
Q

OIL WELL

A
95
Q

COMPETITION

A

PROFIT TENDS TO ENCOURAGE AN INCREASE IN COMPETITION UNTIL THE MARKET IS SATURATED

96
Q

CLERK CERTIFIES LEVIES TO PVD BY

A

NOV 15TH

97
Q

COUNTY APPRAISER ISSUES FINAL PROPERTY VALUES BY

A

MAY 20TH

98
Q

ALL OTHER TANGIBLE PERSONAL PROP ASSESSMENT

A

30%

99
Q

ANTICIPATION

A

VALUE IS CREATED BY THE ANTICIPATION OF FUTURE BENEFITS

100
Q

SVQ MUST BE ENTERED INTO SYSTEM BY

A

10TH OF THE FOLLOWING MONTH

101
Q

PERSONAL PROP ASSESSMENT RATE IS

A

30%

102
Q

MOBILE HOME ASSESSMENT

A

11.5 %

103
Q

COUNTY APPRAISER CERTIFIES ROLL BY

A

JUNE 15TH

104
Q

HOW TO CALCULATE STANDARD DEVIATION

A 
CALC MEAN
SUBTRACT MEAN FROM EACH
SQUARE EACH RESULT AND SUM
DIVIDE BY N-1
TAKE SQ RT
105
Q

2ND HALF TAXES DUE BY

A

MAY 10TH

106
Q

CONSISTENT USE THEORY

A

LAND AND IMPROVEMENTS MUST BE VALUED AS IN ONE USE

107
Q

CROP REPORTING DISTRICTS

A

9 DISTRICTS

108
Q

LANDLORD TENANT NET INCOME IS HOW MANY YRS

A

8 YEAR AVERAGE FOR AG VALUES

109
Q

LARGE COMMERCIAL JURISDICTION COD SHOULD BE

A

15 OR LESS

110
Q

BCF

A

1 BILLION CU FT OF GAS

111
Q

AG CAP RATE

A

5 YR FEDERAL LAND BANK AS OF JULY 1ST
COUNTY AVG AG TAX RATE
ADD ON NOT 2.75%
CAP RATE 11-12%

112
Q

COUNTY MUST MAIL NOTICES OF PERSONAL PROPERTY VALUES BY

A

MAY 1ST

113
Q

OWNERSHIP MAP IS ___ PHOTOGRAPHY

A

VERTICAL

114
Q

BALANCE

A

EXISTS WHEN ALL AGENTS OF PRODUCTION ARE SATISFIED AND MAXIMUM PRODUCTIVITY IS REACHED

115
Q

ONLY THE WORKING INTEREST QUALIFIES FOR THE ___%

A

25

116
Q

COUNTY CLERK PROVIDE TAX UNIT MAPS TO DIRECTOR AND APPRAISER BY

A

JAN 15TH

117
Q

PUBLIC UTILITY ASSESSMENT

A

33%

118
Q

MAPS MUST BE UPDATED FOR THE PRIOR YEAR BY

A

MARCH 31ST

119
Q

PERSONAL PROPERTY RENDITION IS DUE

A

MARCH 15TH

120
Q

COUNTY CLERK MUST CERTIFY FINAL TAX LEVY RATE TO COUNTY TREASURER BY

A

NOV 1ST

121
Q

BUDGETS MUST BE CERTIFIED TO THE COUNTY CLERK BY

A

AUGUST 25TH

122
Q

1 MILL IS

A

.001

123
Q

CLERK CAN CORRECT ERRORS PRIOR TO

A

NOV 1ST

124
Q

PERSONAL PROPERTY USED FACTOR NO GREATER THAN

A

5

125
Q

HEAVY DUTY TRUCK IS

A

OVER 33K POUNDS

126
Q

THE NUMBER OF YEARS REMAINING IN THE ECONOMIC LIFE OF STRUCTURE IS

A

REMAINING ECONOMIC LIFE

127
Q

ALWAYS ADJUST THE SALE FOR __ FIRST

A

TIME

128
Q

SURPLUS PRODUCTIVITY

A

ESTABLISHING LAND VALUE WHEN SURPLUS INCOME IS CAPITALIZED INTO A VALUE CONCLUSION BY THE LAND CAP RATE

129
Q

HOW TO CALC AN ETR

A

ASSESSMENT %/TAX RATE

130
Q

REGRESSION

A

PROPERTY VALUE CAN DECREASE WHEN ASSOCIATED WITH PROPERTIES OF LESSER VALUE

131
Q

NET INCOME/SALE PRICE=

A

DISCOUNT RATE

132
Q

ACCEPTABLE PRD RANGE

A

.98 TO 1.03

133
Q
A

HIGHER VALUE PROPERTIES ARE APPRAISED HIGH, RELATIVE TO LOWER VALUED PROPERTIES

134
Q

EXCUSABLE NEGLECT FOR PERSONAL PROP PENALTIES CAN BE ABATED BY

A

COTA

135
Q

HOW MANY SECTIONS IN A TOWNSHIP

A

36

136
Q

CHINESE DRYWALL IS

A

PHYSICAL DETERIORATION AND FUNCTIONAL OBSOLESCENCE

137
Q

ACRE IS _____ SF

A

43560

138
Q

1 BARREL IS _____ GALLONS

A

42

139
Q

TREND HAS TO BE PUBLISHED __ DAYS PRIOR TO MAILING

A

5

140
Q

SECTION 1MILE X 1 MILE

A

640 ACRES

141
Q

SUBSTITUTION-UNDERLYING PRINCIPLE TO MARKET APPROACH

A

NO PERSON WILL PAY MORE THAN THE COST TO PURCHASE AN EQUALLY DESIRABLE SITE AND CONSTRUCT AN IMPROVEMENT WITH THE SAME UTILITY, AMENITIES, OR INCOME STREAM

142
Q

CONFORMITY

A

PROPERTY VALUE IS INFLUENCED BY ESTABLISHED SOCIAL, ECONOMIC, AND ARCHITECTURAL STANDARDS

143
Q

MMCF

A

1 MILLION CU FT GAS

144
Q

TAXES CAN BE PAID ON FAILED EXEMPTION HEARING ___ DAYS AFTER THE FINAL RULING

A

30

145
Q

PRD

A

MEAN RATIO/WEIGHTED MEAN

146
Q

MOBILE HOME ASSESMENT IS

A

11.5%

147
Q

THE LOSS IN VALUE OF A STRUCTURE AS A RESULT OF NEGATIVE FORCES OUTSIDE THE STRUCTURE BOUNDARY

A

EXTERNAL OBSOLESCENCE

148
Q

> 1.03 PRD

A

LOWER VALUE PROPERTIES ARE APPRAISED HIGH, RELATIVE TO HIGHER VALUE PROPERTIES

149
Q

PRIMARY APPROACH FOR ALL METHODS OF VALUING

A

SUBSITUTION

150
Q

BASED ON THE PRINCIPLE OF BALANCE

A

ALLOCATION

151
Q

ABSTRACTION METHOD

A

SALE PRICE-IMPR VALUE=LAND VALUE

152
Q

PRINCIPLE OF COMPETITION

A

CREATED BY POTENTIAL FOR PROFITS

153
Q

4 GOVERNMENTAL RESTRICTIONS (TEEP)

A

TAXATION
EMINENT DOMAIN
ESCHEAT
POLICE POWER

154
Q

COD

A 
FIND MEDIAN
SUBTRACT FROM RATIOS
SUM RATIOS
DIVIDE BY SAMPLE SIZE
DIVIDE BY MEDIAN
155
Q

ETR

A

ASSESSMENT RATE X TAX RATE

156
Q

SALES COMPARISON APPRAOCH 1ST STEP

A

DEFINING THE APPRAISAL PROBLEM

157
Q

SALE PRICE/ANNUAL GROSS INCOME

A

GIM

158
Q

THE MOST COMPREHENSIVE AND ACCURATE METHOD OF COST ESTIMATING

A

QUANTITY SURVEY METHOD

159
Q

MV=RCN-DEP+LAND

A

COST APPROACH

160
Q

TAX RATE FORMULA

A

PROPERTY TAX REVENUE/ASSESSED VALUE OF JURISDICTION

161
Q

PLOTTAGE

A

COMBINING TWO OR MORE SITES TO CREATE GREATER UTILITY AND VALUE

162
Q

USED WHEN NO SALES OF VACANT LAND ARE AVAILABLE

A

ALLOCATION METHOD

163
Q

STAFF=

A

PARCELS/RATE X TIME (DAYS)

164
Q

Yo ALSO KNOWN AS

A

DISCOUNT RATE, RETURN ON INVESTMENT

165
Q

CHATTEL

A

MORTGAGE ON PERSONAL PROPERTY

166
Q

3 TYPES OF BOUNDARIES

A

NATURAL
POLITICAL
MAN MADE

167
Q

4 factors that influence value in nhbd analysis (PEGS_

A

PHYSICAL
ECONOMIC
GOVERNMENTAL
SOCIAL

168
Q

INCURABLE PHYS DETERIORATION (LONG LIVED)

A

WALL STUDS
INSULATION
FOUNDATION

169
Q

ECONOMIC (EXTERNAL) OBSOLESCENCE

A

IMPAIRMENT
INUTILITY
DESIRABILITY

170
Q

DISCOUNT RATE

A

RETURN ON INVESETMENT, CONVERT FUTURE INCOME INTO PRESENT VALUE

171
Q

NOT ECONOMIC TO CORRECT CONDITION

A

INCURABLE

172
Q

FUNTAIONAL OBSOLESCENCE

A

INABILITY OF STRUCTURE TO PERFORM ADEQUATELY

173
Q

FUNCTIONAL UTILITY

A

ABILITY OF IMPROVEMENTS TO SATISFY MARKET STANDARDS AND DEMANDS

174
Q

LEASED FEE INTEREST

A

LANDLORD INTEREST

175
Q

4 CONSIDERATIONS FOR HIGHEST AND BEST USE

A

PHYSICALLY POSSIBLE
LEGALLY PERMISSABLE
FINANCING FEASIBLE
MOST PRODUCTIVE

176
Q

6 BASIC RIGHTS OF OWNERSHIP

A 
SELL
USE
LEASE
GIVE AWAY
ENTER OR LEAVE
REFUSE TO DO ANY OF THE ABOVE
177
Q

DEBT COVERAGE RATIO

A

NOI/ANNUAL DEBT COST

178
Q

HISTORICAL COST

A

ORIGINAL COST

179
Q

EASISEST/FASTEST METHOD OF COST

A

COMP UNIT

180
Q

3 PARTS TO VALUE

A

UTILITY
SCARCITY
DESIRABILITY

181
Q

LEASEHOLD INTEREST

A

TENANT INTEREST

182
Q

INCURABLE PHYSICAL DETERIORATION (SHORT LIVED)

A

AGE LIFE RATIO=ACTUAL AGE/TOTAL LIFE

-CARPET, H20 HEATER, ROOF, FURNACE

183
Q

ASSEMBLAGE

A

MERGING ADJACENT PROPERTIES INTO 1 COMMON OWNERSHIP (NO VALUE CHANGE)

184
Q

All personal property is listed in the tax district where the property is located on the first day of the year except for:

A

property stored or located on an airfield or municipal court is listed in the tax district where the owner resides
-property in transit

185
Q

PP assessment rates

  • manufactured homes
  • minerals (oil and gas)
  • public utilities
  • motor vehicles
  • C/I machinery and Equip
  • All other
A
  • manufactured homes 11.5
  • minerals (oil and gas) 25 or 30
  • public utilities 33
  • motor vehicles 30
  • C/I machinery and Equip 25
  • All other 30
186
Q

intended to be used by the county appraiser and staff to value each subclass of personal property

A

Personal Property Valuation Guide

187
Q

contains an overview of laws and procedures

A

Kansas Personal Property Summary

188
Q

who provides forms for listing personal property

A

county appraiser

189
Q

Valuing M&E

  • establish RCWN
  • depriate RCWN
  • over economic life of asset when it is _ years or less
  • over a max of _ years when it is over _ years
  • Appraised value can not be less than ___% of the RCWN
A

7 years, 20%

190
Q

Sales tax is/is not included in RCWN

A

is not

191
Q

Freight and installation are only included in RCWN when

A

they can not be broken out of a set sale price (they were not added on after sale price had been set)

192
Q

RCWNx___=Appraised Value

A

Appraised Factor

193
Q

Appraised Factor formula

A

1-(Age/economic life)

194
Q

when valuing M and E, if the economic life is 8 years, what number is used in the formula

A

7 years (max)

195
Q

Qualifying M&E is not subject to annual filing requirements

A
  • qualified purchase or lease

- transported into state for expansion of an existing business or creation of a new business

196
Q

ME supplies and equipment is exempt if RCWN is under

A

$1500

197
Q

Filing penalties are/are not an option and are applied only to the portion that is filed after the deadline

A

are not

198
Q

The penalty for late filing PP is _% per month with a max of __%

A

5, 25

199
Q

Failure to file penalty within one year of deadline is applied only to the omitted or under reported portion and is ___%

A

50

200
Q

If after a year property is discovered to be omitted or under reported is has

A

escaped taxation

201
Q

THE ESCAPED PENALTY OF __%/YR IS APPLIED ONLY TO THE UNDER REPORTED OR OMITTED PORTION IN ANY OF THE 2 YEARS PRIOR

A

50

RMA ELIGIBIITY EXAM (1 decks)

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