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2014 BUSINESS PERSONAL PROPERTY LISTING FORM INSTRUCTIONS 34
<br />ORANGE COUNTY TAX OFFICE
<br />919- 245 -2100
<br />THIS IS THE 2014 PERSONAL PROPERTY LISTING FORM TO LIST ALL BUSINESS PERSONAL PROPERTY OWNED ON JANUARY 1, 2014,
<br />THIS FORM MUST BE FILED BY JANUARY 31, 2014. EXTENSIONS OF TIME IN WHICH TO LIST MAY BE OB'T'AINED BY SENDING A
<br />WRITTEN REQUEST TO THE TAY DEPARTMENT BY JANUARY 31. FOR MORE INFORMATION, CALI, THE TAX OFFICE.
<br />Electronic filing and requests for listing period extensions are accepted using the service provided by TAXscribe. Please visit www.taxscribe.conr
<br />Commonly Asked Questions
<br />Who must file a listing, and what do I list?
<br />Any individual(s) or business(es) owning or possessing personal property
<br />used or connected with a business or other income producing purpose on
<br />January 1 must file a listing. Temporary absence of personal property from the
<br />place at which it is normally taxable shall not affect this rule. For example, a
<br />lawn tractor used for personal use to mow the lawn at your home is not listed.
<br />However, a lawn tractor used as part of a landscaping business in this county
<br />must be listed if the lawn tractor is normally in this county, even if it happens
<br />to be in another state or county on January 1. PLEASE NOTE: This form
<br />must be returned even ifyou have no property to list.
<br />When and where to list?
<br />Listings are due on or before January 31. As required by state law, late
<br />listings will receive a penalty. An extension of time to list may be obtained by
<br />sending a written request showing "good cause" to the Tax Office by January
<br />31. Extensions will not be granted by telephone.
<br />How do I list? Three important rules:
<br />(1) Read the INSTRUCTIONS for each schedule or group. Contact your
<br />county tax office if you need additional clarification.
<br />(2) If a Schedule or Group does not apply to you, indicate so on the listing
<br />form. DO NOT LEAVE A SECTION BLANK. DO NOT WRITE
<br />"SAME AS LAST YEAR". A listing form may be rejected for these
<br />reasons and could result in late listing penalties.
<br />(3) Listings must be filed based on the tax district where the property is
<br />physically located (a separate listint is required ner business location). if
<br />you have received multiple listing forms, each form must be completed
<br />separately.
<br />Information Section
<br />•
<br />Filing status tatus — check the status that applies to your business
<br />• Business category— type of business
<br />• Physical address — location of the property. Post office boxes are not
<br />acceptable.
<br />• Contact person for audit — additional information or verification may be
<br />obtained by contacting this person
<br />• If out of business — list date ceased operation in county, and provide
<br />information regarding new owner if applicable
<br />Note: If you purchased an existing business and its assets since January 1,
<br />2013 do not complete this listing form without first contacting the county
<br />tax office for further instructions at 919 -245 -2100.
<br />Schedule A — Personal Properth
<br />Property included in this schedule is to be reported as of January 1.
<br />Taxpayers with a fiscal year other than December 39 will have to update
<br />their records to the January I reporting date.
<br />The year acquired column: The rows which begin "2013" are the rows in
<br />which you report property acquired during the calendar year 2013. Other years
<br />follow the same format.
<br />Schedule A contains eight (8) groups. Each is addressed below, List under
<br />"Current Years Cost" the 100% cost of all depreciable personal property in
<br />Your possession on January 1. Include all filly depreciated assets as well.
<br />Please round announts to the nearest dollar. Use the "Additions" and
<br />"Deletions" columns to explain changes from "Prior Yr. Cost" to "Current Yr.
<br />Cost ". The "Prior Years Cost" plus "Additions" minus "Deletions" should
<br />equal "Current Years Cost ". If there are any additions and /or deletions, please
<br />note those under Schedule C, Detail of Acquisitions and Disposals. If the
<br />deletion is a transferred or paid out lease, please note this, and to vvhonm the
<br />property was transferred.
<br />COST - Note that the cost information you provide must include all costs
<br />associated with the acquisition as well as the costs associated with bringing
<br />that property into operation. "These costs may include, but are not limited to
<br />invoice cost, trade -in allowances, freight, installation costs, sales tax,
<br />expensed costs, and construction period interest.
<br />The cost figures reported should be historical cost; that is the original cost of
<br />an item when first purchased, even if it was first purchased by someone other
<br />than the current owner. For example, you, the current owner, may have
<br />purchased equipment in 2003 for $100, but the individual you purchased the
<br />equipment fron acquired the equipment in 1998 for $1000. You, the current
<br />owner, should report the property as acquired in 1998 for $1000.
<br />Property should be reported at its actual historical installed cost IF at the retail
<br />level of trade. For example, a manufacturer of computers can make a certain
<br />model for $1000 total cost. It is typically available to any retail customer for
<br />$2000. If the manufacturer uses the computer for business purposes, he should
<br />report the computer at its cost at the retail level of trade, which is $2000, not
<br />the $1000 it actually cost the manufacturer. Leasing companies must list
<br />property they lease at the retail trade level, even if their actual cost is at the
<br />manufacturer or wholesaler level of trade.
<br />Group (1) Machinery & Equipment
<br />This is the group used for reporting the cost of all machinery and equipment.
<br />This includes all store equipment, manufacturing equipment, production lines
<br />(hi -tech or low- tech), as well as warehouse and packaging equipment.
<br />Tractors, heavy farm machinery, heavy construction equipment, and logging
<br />equipment should be listed in this section. All other farm equipment should
<br />be listed in Schedule G. List the total cost by year of acquisition, including
<br />filly depreciated assets that are still connected with the business.
<br />For example, a manufacturer of textiles purchased a knitting machine in
<br />October 2006 for $10,000. The sales tax was $200, shipping charges were
<br />$200, and installation costs were $200. The total cost that the manufacturer
<br />Should report is $10,600, if there were no other costs incurred. The $10,600
<br />should be added in group ( I ) to the 2006 current year's cost column.
<br />Group (2) Construction in Pro ress (CIP)
<br />CIP is business personal property which is under construction on January 1.
<br />The accountant will typically not capitalize the assets under construction until
<br />all of the costs associated with the asset are known. In the interim period, the
<br />accountant will typically maintain the costs of the asset in a CIP account. The
<br />total of this account represents investment in personal property, and is to be
<br />listed with the other capital assets of the business during the listing period.
<br />Please list in detail. If you have no CIP, write "none ".
<br />Group (3) Office Furniture & Fixtures
<br />This group is for reporting the costs ofall furniture & fixtures and small office
<br />machines used in the business operation. This includes, but is not limited to,
<br />file cabinets, desks, chairs, adding machines, curtains, blinds, ceiling fans,
<br />window air conditioners, telephones, intercom systems, and burglar alarm
<br />systems.
<br />Group (4) Computer Equipment
<br />This group is for reporting the costs of non - production computers &
<br />peripherals. This includes, but is not limited to, personal computers,
<br />midrange, or mainframes, as well as the monitors, printers, scanners, magnetic
<br />storage devices, cables, & other peripherals associated with those computers.
<br />This category also includes software that is capitalized and purchased from an
<br />unrelated business entity. Note: The development cost of software or any
<br />modification cost to sofhvare, whether done internally by the taxpayer or
<br />externally by a third party to meet the customer's specified needs is
<br />excluded and should not be reported. This does not include high tech
<br />equipment such as proprietary conmputerized point of sale equipment, high
<br />tech medical equipment, computer controlled equipment, or the high -tech
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