Question

The Flintstones sold their house to the Simpsons and are to close on July 1. The Flintstones paid their annual town taxes in January. At the closing, the Simpsons will Reimburse the Flintstones for

a. the tax for the balance of the year.
b. The tax due n November.
c. Nothing.
d. The tax paid last January.

Answer 1

The Simpsons will reimburse the Flintstones for the tax for the balance of the year at the closing.

Step-by-step explanation:

The Simpsons will reimburse the Flintstones for a. the tax for the balance of the year at the closing. This means that the Flintstones will be reimbursed for the portion of the annual tax that covers the period from July 1 to the end of the year. The tax paid in January is not relevant to the closing and will not be reimbursed. The tax due in November is also not relevant to the closing.