Transfer Of TitleTaxesEASY
A compliance reviewer in Apex is updating the policy manual on the North Carolina conveyance tax at $1 per $500. Which statement best applies under current North Carolina law?
Correct Answer
B) A deed price that is not an exact multiple of $500 still triggers tax on the next higher $500 bracket because of the fractional-part language.
A deed price that is not an exact multiple of $500 still triggers tax on the next higher $500 bracket because of the fractional-part language.
Answer Options
A
A fractional excess of $1 is ignored for tax purposes under current North Carolina rulesB
A deed price that is not an exact multiple of $500 still triggers tax on the next higher $500 bracket because of the fractional-part language.C
Fractional-part treatment applies only to deeds over $1 million under current North Carolina rulesD
The tax is computed using conventional rounding to the nearest $500 under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Real World Application in Transfer Of Title
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Related Topics & Key Terms
Key Terms:
conveyance_taxcore_rules_and_definitionsdifficulty_1fractional_partmathnc_conveyance_tax_one_per_five_hundrednc_property_tax_conveyance_taxnc_statenorth_carolina
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