Real property and tangible personal property is to be reflected at its original cost which is deemed to be federal tax cost basis. Owned intangible personal property is to be reflected at its cost basis for federal tax purposes. Loans are valued at their outstanding principal balance without regard to any reserve for bad debts. Credit card receivables are valued at their outstanding principal balance without regard to any reserve for bad debt.
Rental property is to be valued at eight times the net annual rental rate.
Inc. Years Beg. Coin and currency is included. Loans are included. Leased property is included. Inc. Years Beg.