Dealer In Intangibles Tax Return - 2011 Page 12
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20True Value Computation – Stand-Alone Computers
Form 937DI, True Value Computation, provides a consistent
placed in column 7. Total column 7 and that will be the fair
method for determining the aggregate fair value for dealers
value of the depreciable assets. Compare the total fair value
in intangibles’ total depreciable assets, company-wide, inside
of the depreciable assets to the book value of those same
and outside Ohio.
assets on the Dec. 31 balance sheet and place the increase
or decrease to fair value on line 2 in Exhibit A of form 980.
Costs of depreciable property at the end of the previous year
are to be shown by year of acquisition for the entire entity
For dealers in intangibles, depreciable property under this
(column 2). Additions and disposals occurring during the year
class life consists mainly of offi ce computers.
are to be entered at cost, across the year in which they were
Full costs must be shown. Cost column totals must reconcile
acquired (column 3, column 4). The resulting costs remaining
with ledger accounts, except that property written off the
at year-end are then listed (column 5); their total must equal
records but still physically on hand must be included in the
the beginning of the year total plus additions, less disposals.
computation, and properly disposed of but not written off the
The valuation percentages for the specifi ed class of property
records should be deducted. These exceptions should be
are listed in column 6. Each year-end cost is then multiplied
separately identifi ed in the computation.
by the corresponding valuation percentage and the product
Sample Computation for 2011 Return
Illustrating Application of Stand-Alone Computers
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Cost at End
Additions
Disposals
Cost at End
Year
of
of
True Value
Acquired
12-31-09
12-31-10
Percent
Amount $
2010
$641,310
$641,310
75%
$480,983
2009
$434,040
434,040
60%
260,424
2008
$201,032
100,000
45%
301,032
45,000
2007
277,736
277,736
30%
83,321
2006
2,393,633
444,943
1,948,690
15%
292,304
2005 and prior
15%
Fair Value
=
$1,162,032
Total
3,406,441
$641,310
645,975
$3,401,776
Carry Total True Value to Summary Sheet.
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