Moleri, an accrual basis corporation with a fiscal taxable year ending on July 31, owns real estate on which it pays annual property tax to Madison County, Texas. The county assesses the tax for the upcoming calendar year on January 1, and the tax becomes a lien on the property as of the assessment date. Property owners have until March 31 to pay the tax without penalty. Moleri paid its 2015 property tax of $29,820 on March 11, 2015. How much of this tax payment is deductible on Moleri’s tax return for the fiscal year ending July 31, 2015?

  • CreatedNovember 03, 2015
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