Finance
A West Virginia property sells for $175,000. What is the total excise tax owed at closing?
A$192.50
B$385.00✓ Correct
C$770.00
D$350.00
Explanation
$175,000 / $500 = 350 units. 350 x $1.10 = $385.00 total excise tax. This transfer tax must be paid before the deed can be recorded in West Virginia.
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