Form 632 - Personal Property Statement - 2013 Page 9
Download a blank fillable Form 632 - Personal Property Statement - 2013 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 632 - Personal Property Statement - 2013 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9Form 632, Page 9
recovery under the United States Internal Revenue Code or that
display racks, coolers or fountain equipment, property loaned to you
by another, property left with you for storage or rebuilding, consigned
the assessor has told you to report in this section or that otherwise
equipment not held for resale and assets sold but not yet picked up by
presents special valuation problems. An example of property
not entitled to depreciation/cost recovery is fine art. Examples of
the purchaser. Provide all of the information requested for each asset.
properties that represent special valuation problems are: locally-
You must provide the actual or estimated selling price new of the asset
assessed copper and fiber optic cable not reportable in Section M,
so that control totals can be generated for use on the Summary and
frequently supplemented professional books, feature motion picture
Certification portion of page 1. MCL 211.13 provides that all tangible
personal property shall be assessed to the owner thereof, unless the
films, audio and video productions not sold to the public at large,
owner is not known. A personal property statement will be sent to the
musical instruments used for professional performance, LP tanks of
2,000 gallons or more that have not been assessed as real property,
owner.
nuclear fuel and toll bridge company structures. Provide all requested
Cost Grand Total, Page 3: After you have completed sections G
information. An inspection of the property may be necessary. Property
through K, add together the totals of cells G1 through K1 to arrive at a
reported in this section should not be reported elsewhere on this form.
Cost Grand Total. Insert the Cost Grand Total in the box indicated at
Section H, Page 3: Standard tools, dies, jigs, fixtures, molds, patterns
the bottom of page 3 and carry to line 11a on page 1.
and gauges and other manufacturing requisites of a similar nature
Section L, Page 4: This section is to be completed by leasing
(commonly referred to as “tooling”) will be valued at an amount equal
companies and others who lease personal property to others. In
to the net book value of the asset. Report both Acquisition Cost New
addition to completing this section, you must complete sections A
and GAAP net book value by year of acquisition in this section. See
through F and any other sections that are applicable. You may use
the instructions for line 1 for information regarding the tooling that is
attachments rather than completing this section, but only if your
assessable. For purposes of personal property reporting, net book
attachment provides all the information requested on this section and
value shall be as determined using generally accepted accounting
if you insert the total original selling price where required on the form.
principles, in a manner consistent with the taxpayer’s established
Section M, Page 4: This section is to be completed by tenants who
methods of depreciation. The net book value for federal income tax
are renting or leasing real property. All improvements (leasehold
purposes shall not be used for purposes of personal property tax
improvements) you have made to the real property should be
reporting. If an accounting change in estimate is indicated relating
reported, even if you believe that the improvements are not subject to
to a particular asset, the net book value of that asset, as reported
assessment as personal property. Provide as much detail as possible
for personal property assessment purposes, shall be the value that
so that the assessor can determine whether an assessment should
would have existed for that asset on December 31, 2012 if a correct
be made. Coaxial and/or fiber-optic wiring costs and associated
estimate had originally been made. Your obligation to implement the
infrastructure of audio and/or visual systems serving subscribers of
change in estimate for personal property reporting purposes shall not
one or more multiple unit dwellings or temporary habitations under
be affected by a determination that no financial accounting change
common ownership, and which do not use public rights-of-way shall be
in estimate is necessary due to lack of materiality. In no event shall
reported in this section and be clearly identified as such. You may use
assessable tooling be reported at an amount less than is indicated
attachments, but only if your attachment provides all the information
by its expected remaining useful life plus salvage value (if applicable
requested in this section and if you insert the Total Cost Incurred
under the depreciation method used).
where required on the form. See the instructions for page 1, line 5 for
Section I, Page 3: Report “qualified personal property” in this section.
additional explanation.
Do not report “qualified personal property” in sections A through F.
Section N, Page 4: Report the total capitalized cost and year of
“Qualified personal property” is property that was made available to
construction of buildings and other structures you have placed on land
you by a “qualified business” (usually a leasing company or a finance
not owned by you, such as leased or public lands or on public rights-
company) and which is not assessable to the “qualified business.”
of-way. Costs of freestanding communications towers and associated
Such property is assessable to you as the user. The requirements
equipment buildings (unless such costs have been reported on Form
for “qualified business” treatment are strict and many leasing and
4452) and costs of freestanding billboards are examples of other
financing companies do not qualify. Further, such treatment only
structures that are to be reported. The reported cost must include all
applies to property subject to an agreement (usually labeled a lease)
costs capitalized on your records. See STC Bulletin 8 of 2007.
entered into after December 31, 1993 that qualifies for treatment as
Section O, Page 4: Landlords and tenants must provide rental
“qualified personal property.” The “qualified business” is required to
have filed a statement with the assessor by February 1
information relating to lease arrangements to which they are
st
of the current
a party. Do not report lease or rental arrangements relating to
year and is required to have made a written agreement with you in
property occupied for residential purposes. If you are a landlord with
which it is specifically agreed that you will report the property to the
multiple properties, contact the assessor to arrange an acceptable
assessor as “qualified personal property.” See MCL 211.8a.
alternative reporting method. See instructions for page 1, line 5.
Section J, Page 3: Report all business machines, postage meters,
Cost Grand Total, Page 4: After you have completed sections M and
machinery, equipment, furniture, fixtures, tools, burglar alarms, signs
N, add together the totals of cells M1 and N1 to arrive at a Cost Grand
and advertising devices and other tangible personal property that
Total. Insert the Cost Grand Total in the box indicated at the bottom of
you are renting or leasing from another person or entity. Provide
page 4 and carry to line 12a on page 1.
all of the information requested for each lease. You must provide
*NOTE: MCL 211.19 states that personal property statements must be
the actual or estimated selling price new of the asset so control totals
completed and delivered on or before February 20 of each year.
can be generated for use on the Summary and Certification portion of
page 1. MCL 211.13 provides that all tangible personal property shall
be assessed to the owner thereof, unless the owner is not known.
A personal property statement will be sent to the owner. Property
reported in this section should not be reported elsewhere on this form.
Section K, Page 3: Report all machines, meters, machinery,
equipment, furniture, fixtures, tools, signs and advertising devices
that are in your possession but are not owned, leased or rented by
you. Examples include equipment left with you by vendors, such as
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial