Noir G asked:
Having a problem determining if the FAS 141 Bus Combinations – which enables companies to write down assets to purchase price (aka purchase price allocation) – is applicable to personal property appraisal. In other words – is it okay for companies to write down assets for appraisal purposes regarding taxation.
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Generally, all equipment must be reported at its original cost when filing a personal property tax return and the counties and/or cities apply there own valuation percentages. Some returns may ask you for an estimate of fair market value but most do not.