Which of the following statements about tangible property is true?
A) It has no physical existence.
B) It is subject to tax in the state in which it is located.
C) It is only owned by the government or a government unit.
D) It is only taxable in the state where its owner lives.

Question

Quizplus · Accepted Answer

Generally, tangible property is subject to tax in the state in which it is located, whereas intangible property is usually taxable in the state where its owner lives. Tangible property has a physical existence; land, buildings, and furniture are examples.

Which of the Following Statements About Tangible Property Is True