The tax assessor for Los Angeles county wishes to tax The Shane Company, a jeweler that owns the air rights for its five story building above a theater on Wilshire Boulevard. The Shane Company insists that it owns no real property.
A) The assessor is correct; the air rights are a real property interest.
B) The Shane Company is correct; air is not a real property interest.
C) The air rights must be taxed as personal property.
D) The theater owns the air rights and should be taxed.
Correct Answer:
Verified
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