Instructions For Maryland Personal Property Return - 2011 Page 7
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not report any personal property, explain how the business is
conducted without personal property. If a business shares the
Vehicles. Itemize motor vehicles with Interchangeable
property of another business that reports the personal property,
Registrations and vehicles that are unregistered. Interchangeable
supply the name and address of that business.
Registrations include: dealer plates (Class 1A, 1B, 1C); recycler
B. List the beginning and ending fiscal year periods.
plates (Class 2); finance company plates (Class 3); special mobile
C. If the business had an interest in the established business, (e.g.,
equipment plates (Class 4); and transporter plates (Class 5). This
a sole proprietor that chooses to incorporate), the property must
property shall be reported at original cost in the year of acquisition
be reported at the original cost and original date of acquisition
without deduction of depreciation, invest ment credit or trade-in of
including all fully depreciated and expensed personal property.
previously owned property. Include all fully depreciated personal
Provide the name of the business.
property and property expensed under IRS rules.
D. All fully depreciated and expensed personal property must be
Vehicles registered in Maryland and classified in one of the
reported on this return.
following are exempt: Passenger cars (Class A); For hire vehicles
E. If the submitted Balance Sheet or Depreciation Schedule
(Class B); Funeral or ambulance vehicles (Class C); Motorcycles
contains property outside the State of Maryland, reconcile it with
(Class D); Single unit, Dump, Tow, and Farm Trucks (Class E); Truck
this return.
tractors (Class F); Trailers and Semi-trailers (Class G); School
F. If the business has disposed of assets or transferred assets in or
vehicles (Class H); Passenger buses (Class I and P); Vanpool (Class
out of the State during 2010, complete Form 4C (Disposal and
J); Farm vehicles (Class K); Historic vehicles (Class L);
Transfer Reconciliation).
Multipurpose vehicles (Class M); Street rods (Class N); Limousine
vehicles (Class Q); Low speed vehicles (Class R). Vehicles
SIGNATURE AND DATE
registered outside Maryland may be exempt. Exempt vehicles
The return must be signed by an officer of the corporation or
include those registered in another taxing jurisdiction and of a
principal of other entity. This signature must be an original not a
classification described in Title 13, Subtitle 9, Part II of the
copy. The date should reflect the date the return was signed by the
Maryland Transportation Article (Class A-R listed above). Exempt
officer or principal and sent to the Department. Please include
vehicles should be included on form 4B, line 11.
requested phone number and e-mail address to assist us in
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resolving potential discrepancies.
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Non-farming livestock. Report book value and market value.
DEPRECIATION RATE CHART FOR 2011 RETURNS
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STANDARD DEPRECIATION RATE
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Category A: 10% per annum*
Other tangible personal property. Include other tangible
All property not specifically listed below.
personal property not reported elsewhere on this return. Report
SPECIAL DEPRECIATION RATES (The rates below apply only to the
total cost on the return and supply a separate schedule giving a
items specifically listed. Use Category A for other assets.)
description, the cost and the date of acquisition of the property
(e.g. artwork, antiques, linen, china, silverware, etc.).
Category B: 20% per annum*
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Mainframe computers originally costing $500,000 or more.
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Category C: 20% per annum*
Property owned by others and used or held by the business.
Autos (unlicensed), bowling alley equipment, brain scanners,
All property that is not owned by the business but is held by the
carwash equipment, contractor’s heavy equipment (tractors,
business as lessee, on consignment, or otherwise must be
bulldozers), fax machines, hotel, motel, hospital and nursing home
reported. A separate schedule showing the names and addresses
furniture and fixtures (room and lobby), MRI equipment, mobile
of the owners, lease numbers, description of property, location of
telephones, model home furnishings, music boxes, outdoor
property, installation date and separate cost of assets must be
Christmas decorations, outdoor theatre equipment, photocopy
supplied. If costs are not known, supply the terms of the lease
equipment, radio and T.V. transmitting equipment, rental pagers,
including lease payment and number of months.
rental soda fountain equipment, self-service laundry equipment,
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stevedore equipment, theatre seats, trucks (unlicensed), vending
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machines, x-ray equipment.
Property owned by business and used or held by others. All
Category D: 30% per annum**
property that is owned by the business but is held by others as
Data processing equipment, canned software.
consignee, lessee or otherwise must be reported. A separate
schedule showing the names and addresses of lessees, lease
Category E: 33
1
⁄
% per annum*
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numbers, description of property, installation date and original cost
Blinds, carpets, drapes, shades. The following applies to equipment
by year of acquisition for each location must be supplied. Schedule
rental companies only: rental stereo and radio equipment, rental
should group leases by county where the property is located.
televisions, rental video cassette recorders and rental DVDs and
Manufacturer lessors shall report property which has been acquired
video tapes.
other than by purchase at the retail selling price in the year the
Category F: 50% per annum*
property was manufactured (including property manufactured by a
Pinball machines, rental tuxedos, rental uniforms, video games.
business for its own use) not at the cost of manufacture. All leased
Category G: 5% per annum*
property must be reported, including manufacturing equipment, and
Boats, ships, vessels, (over 100 feet).
property leased to tax exempt organizations. Property in this
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Long-lived assets
category should be reported on Line Item
not on Line Item
.
Property determined by the Department to have an expected life in
SECTION
excess of 10 years at the time of acquisition shall be depreciated at
an annual rate as determined by the Department.
A. Total gross sales must include sales in Maryland and sales by the
Maryland location to out of state purchasers as well as transfers
* Subject to a minimum assessment of 25% of the original cost.
from the Maryland location of the reporting business to out of
** Subject to a minimum assessment of 10% of the original cost.
state locations. If the business has sales in Maryland and does
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