Individual sellers who reside out of state are required to have taxes withheld when selling property. The amount of tax withheld is based on 7.5% of the total payment.

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Individual sellers who reside out of state are required to have taxes withheld when selling property. The amount of tax withheld is based on 7.5% of the total payment.

A. True
B. False

Answer: A. True

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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