Personal Property Inventory List Pdf

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State:
Multi-State
Control #:
US-Q1032
Format:
Word; 
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Description personal property value worksheet

This form addresses important considerations that may effect the legal rights and obligations of the parties in a property-related matter, such as insurance and estate planning. This questionnaire enables those seeking legal help to effectively identify and value their personal property in an organized manner. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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How to fill out Alabama Personal Property Inventory Questionnaire?

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FAQ

Inventory is exempt from state property taxes.

Inventory is not taxable in Alabama. Intangible personal property is not taxable in Alabama.

Business inventory is personal property but is 100 percent exempt from taxation. Tangible personal property owned, claimed, possessed, or controlled in the conduct of a profession, trade, or business may be subject to property taxes.

Part B-1 of the Alabama Personal Property Return (ADV-40) must be completed annually by the taxpayer to list all truck trailers, semi-trailers, and tractor trailers with an Alabama permanent trailer license plate.

Business inventory is personal property but is 100 percent exempt from taxation. Tangible personal property owned, claimed, possessed, or controlled in the conduct of a profession, trade, or business may be subject to property taxes.

Inventory - Inventory is an asset that represents the primary source of revenue generation for a company that sells products to customers (as opposed to services). Inventory can be classified as raw materials, work in progress, or finished goods.

State consumers use tax rates2% of the net difference paid for new and used automotive vehicles, truck trailers, semi-trailers, and manufactured homes. 4% of the gross proceeds of sales of all tangible personal property, other than that listed previously and specifically exempted by law.

Sales Tax Exemptions in Alabama Some common items which are considered to be exempt are: prescription drugs, gasoline and motor oil items, seeds which are intended for planting purposes (fertilizer/insecticides/fungicides) agricultural, feed for livestock, and livestock.

Tangible personal property includes material items such as machinery and equipment, tools, furniture and fixtures, and other items used in a business activity. Tangible personal property is taxable to businesses for Alabama property tax purposes.

Since a stock certificate is not permanently attached to land and is not classified as real property, it is normally classified as personal property.

More info

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Personal Property Inventory List Pdf