A NY resident purchases a plane in New Hampshire for $1,000,000.00. New Hampshire does not have a sales tax. One year later, the NY resident brings the plane into New York. At the time he brings the plane into the New York, the fair market value is $800,000.00. How much sales and/or use tax is due to New York on the airplane?

a. $40,000.00 assuming a 4% NY sales tax.

b. $40,000.00 assuming a 4% NY use tax.

c. $35,000.00 assuming a 4% NY use tax.

d. $38,000.00 assuming a 4% NY use tax.

e. None of the Above.

Answer rating: 100% (QA)

As per given details please refer below answer Option b 4000000 ... View the full answer