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Firm H operates its business in Jurisdiction H, which levies a 6% sales and use tax. This year the firm purchased a $600,000 item of tangible property in jurisdiction K and paid $18,00 sales tax to the jurisdiction. It also purchased a $750,000 item of tangible property in Jurisdiction L and paid $ 48,750 sales tax to the jurisdiction. Firm H transported both items of property into jurisdiction H for use in its business.

Compute the use tax that Firm H owes to jurisdiction H for the property purchased in jurisdiction K and L?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968711

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