Which one of the following miscellaneous types of taxes is not matched with the property or activity that is being taxed?
A)Tangible personal property tax covers land, buildings, and residences.
B)Intangible personal property tax covers stocks, bonds, and accounts and notes receivable.
C)Franchise tax covers the right to operate a business in the state of New York.
D)Sales tax covers gross receipts from the retail sale of clothing, automobiles, and equipment.
E)Use tax covers the possession and enjoyment of clothing, automobiles, and equipment.

Question

Quizplus · Accepted Answer

Tangible personal property tax does not cover land, buildings, and residences. These are considered real property, not tangible personal property. Tangible personal property typically includes movable items like machinery, equipment, and vehicles.

Which One of the Following Miscellaneous Types of Taxes Is