Looking for a Michigan Department Of Treasury Forms And Templates? Download it for free!

Section E -

Section F -

Including Consumer

Including Computer

Assessor Calculations

Coin Operated Equipment

Equipment

.368

.240

2001

.340

.176

2000

.308

.128

1999

.276

.096

1998

.244

.076

1997

.216

.060

1996

.184

.032

1995

Prior

.152

1994

.120

1993

TOTALS

F-1

F-2

.092

1992

.060

Prior

TOTALS

E-1

E-2

Cost Grand Total (For Idle, Obsolete

True Cash Value Grand Total (For Idle,

or Surplus Equipment)

Obsolete or Surplus Equipment)

Taxpayer: Add totals from the cost

Assessor: Add True Cash Value

columns of Sections A-F (A-1

totals from Sections A-F (A-2

Taxpayer

Assessor

through F-1) and enter grand total

through F-2) and enter grand total

here. This grand total should also

here. This grand total True Cash

be carried to line 13a, page 1, of

Value should also be carried to

Form L-4175.

line 13b, page 1, of Form L-4175.

I, ________________________________________, hereby attest that, to the best of my knowledge and belief, all of the property

listed on this form is idle equipment or obsolete or surplus equipment as those terms are defined in the instructions below

Signature

Date

Title (Please print or type)

Must be signed by Owner, Partner or Corporate Officer or duly appointed representative.

INSTRUCTIONS

This form is for use in reporting idle equipment and obsolete

Obsolete or surplus equipment is equipment that either:

or surplus equipment as defined in these instructions. For

•

Requires rebuilding for continued economic use and is in

purposes of completing this form, the allocation of personal

the possession of a machine rebuilding firm on tax day, or

property to Sections A through F shall be made in accordance

with the instructions for completion of Sections A through F of

•

Has been declared as surplus by an owner who is

Form L-4175. The differing treatment of idle equipment and

abandoning a process or plant and is being disposed of by

obsolete or surplus equipment that applied in previous years

means of an advertised sale or through an agent. The sale

has been discontinued. Both idle equipment and obsolete or

must be an unconditional sale to any and all prospective

surplus equipment will be reduced by the assessor to 40% of

purchasers rather than being restricted to other divisions of

the value obtained by applying the normal State Tax

a company.

Commission personal property multipliers to original acquisition

costs.

Equipment cannot qualify as idle or obsolete or surplus

until it has been placed in service. Equipment that is

Read the following descriptions of idle equipment and

operating on tax day does not qualify for treatment as idle

obsolete or surplus equipment to determine whether your

equipment or obsolete or surplus equipment. Standby

personal property may qualify to be reported on this form

equipment is not idle equipment or obsolete or surplus

(2698).

equipment. Standby equipment is equipment that is not

usually in use but is ready and immediately on hand for use

If you have personal property that qualifies, complete this form

when needed, e.g., a standby boiler or standby production

and file it with your Personal Property Statement (Form L-4175).

machines.

Assets reported as idle equipment or obsolete or surplus

equipment should not be reported on Sections A through F of

Sometimes equipment, for various reasons, is normally not

the Personal Property Statement (Form L-4175). You must add

used throughout the year (e.g., Christmas decorations,

the totals from Sections A through F (A-1 through F1) and insert

construction equipment) or is normally used only on an

this sum in the "Cost Grand Total" box above. This "Cost Grand

itermittent basis. This type of equipment does not qualify

Total" must be carried to line 13a

of the "Summary and

for the idle or obsolete or surplus treatment when it is

Certification" contained on page 1 of Form L-4175.

seasonally or intermittently used.

IDLE EQUIPMENT AND OBSOLETE

Sometimes, equipment may be "idle-in-place" because

OR SURPLUS EQUIPMENT

storage in a separate location is not feasible. This might be

Idle equipment is equipment that has been disconected and

due to the large size of the equipment involved or the fact

stored in a separate location. This equipment is not part of an

that it is underground equipment. Proof should be

existing process, not even on a standby basis.

presented to the assessor that equipment is "idle-in-place."

2002 Idle Equipment, Obsolete Equipment, And Surplus Equipment Report Form - Michigan Department Of Treasury Page 2

Related Articles

Related forms

Related Categories