Exercise 10-16 (Algorithmic) (LO. 3, 4) Tabitha sells real estate on March 2 of the current year for $336,400. The buyer, Ramona, pays the real estate taxes of $16,820 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: $ 2,764.93 X Ramona: $ 14,055.07 X b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ 339,164.93 X Ramona: $ 339,164.93 x Feedback Check My Work A deduction is allowed for certain state and local taxes paid or accrued by a taxpayer. The deduction was created to relieve the burden of multiple taxes upon the same source of revenue. Exercise 10-16 (Algorithmic) (LO. 3, 4) Tabitha sells real estate on March 2 of the current year for $336,400. The buyer, Ramona, pays the real estate taxes of $16,820 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: $ 2,764.93 X Ramona: $ 14,055.07 X b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ 339,164.93 X Ramona: $ 339,164.93 x Feedback Check My Work A deduction is allowed for certain state and local taxes paid or accrued by a taxpayer. The deduction was created to relieve the burden of multiple taxes upon the same source of revenue