Is the Federal Accounting Standard #141 applicable to personal property appraisal? If not or if so - how?

Question

Having a problem determining if the FAS 141 Bus Combinations - which enables companies to write down assets to purchase price (aka purchase price allocation) - is applicable to personal property appraisal. In other words - is it okay for companies to write down assets for appraisal purposes regarding taxation.

Answer 1

Generally, all equipment must be reported at its original cost when filing a personal property tax return and the counties and/or cities apply there own valuation percentages. Some returns may ask you for an estimate of fair market value but most do not.