According to an article in the new york times during 2009, Ask an Expert

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According to an article in the New York Times, during 2009 some New Yorkers were deciding to buy existing condominiums (condos) rather than newly constructed condos. One reason given was the following: "[Some buyers] seek to avoid the 1.825 percent transfer tax that buyers must pay on a brand-new condo. (In resales, the seller pays the tax.)" Analyze this reason for buying a resale rather than a new condo.

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Accounting Basics, Accounting

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