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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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Customer Question

5. For its fiscal year ending September 30, 2007, Twin
City levied $500 million in property taxes. It collected
taxes applicable to fiscal 2007 as follows (in millions):
June 1, 2006, through September 30, 2006 $ 20
October 1, 2006, through September 30,
2007 440
October 1, 2007, through November 30,
2007 15
December 2007 4
The city estimates that $10 million of the outstanding
balance will be uncollectible. For the fiscal year ending
September 30, 2007, how much should Twin City
recognize in property tax revenue (in millions) in its
general fund?
a. $440
b. $460
c. $475
d. $490
Submitted: 9 years ago.
Category: Tax
Expert:  Marvin,EA replied 9 years ago.

Hello and thank you for using Just Answer. Fiscal year start October 1, 2006 to September 30, 2007 440 millions. The answer is "A".

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