Business Personal Property Reporting Form - Montana Department Of Revenue - 2014 Page 2

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Tax Year: 2014

Owner Name: _______________________________________

Address: ___________________________________________

Assessment Code: ___________________________________

County: ____________________________________________

Business Closed or Sold

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Please complete the information on the signature page regarding the closure or sale of the business.

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Even if you no longer own the business, your signed reporting form must be submitted to your local Department of Revenue ofﬁ ce to ensure

that we do not create an estimated assessment and assess a penalty.

Class 8 personal property includes agricultural implements and equipment, mining and manufacturing machinery, furniture, ﬁ xtures and all other business

equipment.

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If a taxpayer’s statewide aggregate market value of class 8 property is $100,000 or less, then all of that property is exempt from taxation.

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In order for the Department of Revenue to determine if your taxable class 8 property qualiﬁ es for this exemption, you must submit this reporting form listing

all of your equipment.

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If you qualify for this exemption, you will not receive an assessment notice, tax bill, or any other formal notiﬁ cation.

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If you qualify for this exemption and acquire new personal property or expand your business in subsequent years, you are required to report

the changes to your local Department of Revenue Ofﬁ ce by telephone or in writing.

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The ﬁ rst $100,000 in the statewide aggregate market value of an individual or business entity’s class eight business equipment is exempt from taxation.

The next $6 million of aggregate taxable market value is taxed at 1.5 percent. Any portion of aggregate taxable market value greater than $6,100,000 is

taxed at 3 percent.

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Department personnel may visit the business, agricultural operation or ﬁ eld site to ensure accurate reporting and to answer any questions regarding the

valuation and taxation process.

General Instructions

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Livestock owners are required to report on this form the number of livestock owned as of February 1, 2014.

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All business equipment, even if fully depreciated on your federal income tax records, must be reported. The acquired/installed cost and acquired year

reported on this form should agree with the acquired cost and year reported on your federal income tax return.

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When providing a business name, use the legal name as it appears on the organizational documents if the business is an entity, or the ﬁ rst and last

names and middle initial if the business is an individual’s sole proprietorship.

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Provide the property owner’s business Federal Employer Identiﬁ cation Number (FEIN) or the owner’s Social Security Number (SSN). If ﬁ fty

percent of your business is owned by a parent company, you must also provide the business name and FEIN number of the parent company. Social

Security and Federal Employer Identiﬁ cation numbers are held strictly conﬁ dential by the Montana Department of Revenue.

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Sign and date the afﬁ davit.

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The form must be signed by (a) livestock owner, (b) the individual, if the business is an individual, (c) the president, vice president, or other principal

ofﬁ cer, if the business is a corporation, (d) a responsible and authorized member or other ofﬁ cer having knowledge of its affairs, if the business is a

partnership or other unincorporated entity or organization, or (e) the ﬁ duciary, if the business is a trust or an estate. Foreign entities may have any

authorized individual (for example, division manager) sign the form.

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Submit the completed and signed form to your local Department of Revenue ofﬁ ce at the return address listed in the header at the top of every

page of this form on or before March 1, 2014.

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This return is subject to audit by the State of Montana, Department of Revenue.