Form 150-301-014 - Multiple County Property Return Extension Request Form Page 3
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3Denied extensions
• Use the Department of Revenue’s depreciation schedules
provided to you.
If the Department of Revenue denies an extension request,
your completed property return(s) must be filed with the
• Use the factor for the last year shown to compute the
county assessor WITHIN 10 DAYS OF THE DENIAL OR
value of items older than the last year listed on the depre-
MARCH 1, whichever is later.
ciation schedules. DO NOT VALUE THESE ITEMS AS
ZERO.
Revoked extensions
• Calculate the values for all property reported.
If the extension is to be revoked, you will be notified in writ-
• Attach a copy of the extension approval letter.
ing prior to the official notification.
Common filing problems
Listed below are some common filing problems that may
• You valued items older than the last year shown on the
cause your filing extension to be reviewed or possibly
schedule as zero.
revoked. Please take a moment to double-check these items
Schedule
on your return before you file.
• You did not use the Department of Revenue's deprecia-
Company information
tion schedules as required.
• Company name changed (this will require a new
• You used an Internal Revenue Service depreciation
extension).
schedule.
• Extension is not transferable.
• You used company schedules on leased or rented property.
• Extension is valid for only the requesting company. It
• Items were shown as “fully depreciated assets” rather
does not extend to DBAs or similar business names.
than using the Department of Revenue's depreciation
Description
schedule as required.
• Your assets were not adequately described.
Coding
• Your assets were improperly categorized.
• The property listed on the return was inaccurately coded
Missing information
resulting in inaccurate values.
• You reported only additions and deletions rather than the
Filing of returns
complete asset listing.
• You failed to file a return for the previous year.
• You reported only a lump sum rather than the complete
• You filed your return after the extended due date. Your
asset listing.
return must be postmarked by April 15.
Value
• You failed to attach a copy of the extension approval
• You used net book value to determine the value of your
letter.
property rather than using the Department of Revenue's
Calculation
depreciation schedules as required.
• Your assets were improperly valued.
• Your assets were listed accurately, but you did not calcu-
• You used an incorrect depreciation factor.
late the values of your assets.
150-301-014 (Rev. 12-11)
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