Managing personal property taxes.

From: The Tax Adviser | Date: November 1, 1996| Author: Boucher, Karen J.; Curlee, William B. | Copyright information

Properly categorizing personal property and inventorying fixed assets can result in significant tax savings for businesses in states that tax personal property. Property not disposed of is taxed indefinitely, so businesses should make sure that nonexistent or stored property is removed from fixed asset lists if fully depreciated. Property subject to abnormal wear and tear should be so identified to allow for reductions in value. Classifications should ensure that personal property is not lump...

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