Finance
New York's transfer tax is imposed at a rate of $2 per $500 (or fraction thereof) of consideration. On a $350,000 sale, the state transfer tax would be:
A$700
B$1,400✓ Correct
C$3,500
D$175
Explanation
NY transfer tax = $2 per $500. $350,000 ÷ $500 = 700 units × $2 = $1,400. The New York State transfer tax on a $350,000 sale is $1,400.
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