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Question

Consider the following taxes:
1. Sales tax

2. Value-added tax
3. Property tax
Which of the taxes given above are Ad valorem tax/taxes?

A
1 and 2
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B
1 and 3
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C
2 and 3
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D
All of those
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Solution

The correct option is D All of those
An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff).

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