Tax Strategies for Purchasing Going Concern Properties
|
|
- Moses Gibson
- 5 years ago
- Views:
Transcription
1 Pre-closing Purchase Price Allocations Tax Strategies for Purchasing Going Concern Properties Innovative Solutions to Taxing Problems
2 Tax Strategies for Purchasing Going Concern Properties When a business, as well as its underlying and dependent real and personal property is being sold as a package for a single lump sum, it is important to consider four individual components of value that are typically embedded in such transactions. These components of value commonly represented in going concern properties are land, buildings, tangible personal property (TPP) and intangible personal property (IPP), also commonly known as business enterprise value. It is critical to proactively identify, calculate, and allocate these components to avoid inflated taxation at the closing, or thereafter. Most properties involved in commercial ventures eventually face these issues; therefore, the purchaser must carefully consider proactive analysis and tax planning. Such properties typically include hotels, resorts, golf courses, health care facilities, television stations, regional shopping centers, and any other special purpose buildings. CONTENTS Tax Strategies for Purchasing Going Concern Properties 1 Top Ten Prerequisites for Managing and Minimizing Tax Liability on a Going Concern Property Acquisition 3 A prudent buyer of such properties must be sure that a formal and objective allocation is incorporated into the closing documents of the transaction, ensuring accurate valuation to effectively manage future tax liability that may result from the transaction. Proactively addressing certain issues prior to closing is critical for minimizing and managing the associated tax effects. Unfortunately, allocations of the entire going concern purchase price among these components of value are usually made after the acquisition of the property is complete. As a result, significant opportunities to objectively document the proper market values in the sales agreement and closing documents are missed, inhibiting the purchaser s ability to manage acquired assets and minimize tax liabilities over the period of the investment. Failure to proactively segregate, track, and consistently report the total going concern consideration paid for acquired assets will inevitably result in higher tax liability, including erroneous assessments, inflated real estate transfer taxes on the acquisition, and future property taxes that are not market supported. Tax Strategies for Purchasing Going Concern Properties 1
3 By incorporating a proactive purchase price allocation and asset identification strategy into the normal due diligence and pre-closing process, a buyer can significantly impact the amount of income, property, and transfer taxes payable at or after closing. In addition, the buyer is able to better manage and minimize the overall tax liability associated with those assets over the entire investment holding period, increasing overall investment yields and maximizing shareholder value. When commercial real property is acquired, it is important to identify and segregate the commingled value of the real property from the tangible and intangible personal property to better manage and minimize the taxation of these assets and determine if they meet the following criteria: Accommodates an established and profitable business with specialized furniture, fixtures, and equipment used in connection with the business Requires a trained, specialized, and experienced staff Seeks repeat business from its clients Relies on brand or name recognition to attract and retain clients Has pre-sold future business on the books that would be transferable on a sale Has existing vendor contracts in place Possesses all of the other hallmarks of a profitable going concern Requires a government license or permit to operate This approach is especially beneficial if the acquisition includes a bulk sale of properties, particularly where there has been no breakout of the aggregate sales price among each individual property s going concern. If no segregation in sales prices has occurred, the problem is compounded. Neither of the individual going concern values are necessarily objectively allocated among the properties, nor are the underlying values of the components of each of those going concerns. Not all states tax tangible personal property, but most of them tax real property. Portfolio allocations will enable the buyer to leverage the beneficial impact of the individual purchase price allocations at the property level, given that the real and tangible personal property assets are closely reviewed and proactively allocated. 2
4 Top Ten Prerequisites for Managing and Minimizing Tax Liability on a Going Concern Property Acquisition 1 The buyer and seller should systematically agree to a purchase price allocation and document those values at or before the closing. Doing so in writing will formally and precisely allocate the total going concern value between the real estate (land and buildings), the TPP, and the IPP for each property where these components of value are present and included in the transaction. 2 The buyer and seller should negotiate the allocations incorporated into the actual sales agreement and closing documents. These allocations must be reasonable and supported by generally accepted appraisal practices, standards, and guidelines. 3 If an appraisal is prepared for the lender, all Uniform Standards of Professional Appraisal Practice (USPAP) required allocations of non-realty issues should be documented within the report and used as the basis for the allocations at closing. Otherwise, an independent study should be commissioned and used prior to closing. 4 When allocating IPP at closing, it is preferable to allocate this total amount into the five permitted Financial Accounting Standards Board (FASB) categories of FASB No. 141 to avoid the entire IPP amount being subsequently characterized as non-depreciable goodwill. 5 At closing, the buyer should always require the seller to deliver a formal Bill of Sale evidencing the sale and transfer of title for only the TPP, with a designated consideration shown therein. The deed transferring title to the real estate should also identify only the real estate value, if permitted locally. A separate Bill of Sale for the IPP with its own separate considerations is also recommended. 6 At closing, the buyer, seller, and associated representatives should always ensure that any real estate recordation or transfer taxes are reported and paid, based only on the segregated real estate value of the sales price, not the larger, total going concern sales price. Tax Strategies for Purchasing Going Concern Properties 3
5 7 Pre-closing, the buyer and seller should consult with their tax advisors, attorneys, and accountants or auditors to confirm that there are no adverse effects on any existing special tax status for the company. For example, this would be important for a Real Estate Investment Trust (REIT) buyer where there are maximum amounts of non-realty that can be acquired and exploited without jeopardizing their special Internal Revenue Service (IRS) status. 8 Comprehensive asset tagging or rationalization should be conducted and completed prior to closing, whenever possible. The resulting market value of the TPP being purchased should be identified and recorded on the Bill of Sale that is delivered at closing to the buyer. Otherwise, a post-closing review should be conducted as soon as possible to set those values and remove any phantom assets from the seller s transferred asset ledger. This review and adjustment should take place before any large refurbishments of rooms and facilities are undertaken by the buyer. This is particularly important for a REIT. 9 Buyers must pay special attention to ensure that the sales price paid and allocated to the real property that is shown on the closing statements is consistently disclosed and reported. This is particularly important in taxing jurisdictions where sales prices and transfer tax payments are disclosed to the assessor who may be utilizing recent sales prices as the basis for future ad valorem real property assessments. The same care must be exercised when completing and filing any required income and expense forms. Generally, these forms can serve as a useful vehicle to further establish and separate the real estate value for assessment purposes. Assessors will likely use the reported value as the unadjusted basis for the next reassessment for ad valorem real property tax purposes, if consistently and repeatedly disclosed contemporaneously to the local jurisdiction. 10 The buyer must review carefully the first post-closing real and personal property tax assessments when issued by the local assessor to ensure that they reflect only the allocated, reported, and applicable components of the total sales price. If discrepancies exist, the buyer must file a timely appeal and aggressively challenge the proposed real or personal property tax assessment. 4
6 The acquisition of any going concern that includes real property, TPP, and IPP will usually produce erroneous and inflated taxation if these prerequisites are ignored. Most of it will be unintended and unbudgeted. The key to proactively avoiding over-taxation is to adopt a best practice approach for acquisitions that mitigates detrimental impact on projected investment yields. Determining a pre-closing purchase price allocation for the values of each type of asset being purchased will prevent the going concern value from being used to represent the entire real estate value for ad valorem real property tax assessment purposes. Additionally, it will eliminate the possibility of a separate and additional personal property assessment, which inevitably leads to over-assessment by the taxing jurisdiction and grossly inflated property taxes for the new owner. It is critical to avoid using the total going concern value to calculate any applicable real estate transfer or recordation taxes in cases where the value should be based on the sales price of the real estate alone. Furthermore, completing any assessor questionnaires or income and expense surveys post closing must be done carefully and consistently. If done properly, it is likely that the correct real estate value will be used by the assessor in subsequent assessments. Asset tagging or rationalization can help remove phantom assets and establish an accurate baseline for furniture, fixtures, and equipment values going forward, particularly if a large, future refurbishment of the premises is anticipated. Finally, breaking the allocated IPP value into the five FASB mandated subcategories will avoid the situation where all of the IPP value is designated as un-depreciable goodwill, increasing the buyer s future federal and state income tax deductions. Tax Strategies for Purchasing Going Concern Properties 5
7 ABOUT RYAN Ryan is the leading tax services firm in North America, with the largest transaction tax practice in the United States and Canada. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, and strategic planning. With a multi-disciplinary team of more than 775 professionals and associates, Ryan serves many of the world s most prominent Fortune 1000 companies. For additional information, please call or visit us at Ryan, Inc. All rights reserved. All logos and trademarks are the property of their respective companies and are used with permission. CC02-09
Implementing GASB s Lease Guidance
The effective date of the Governmental Accounting Standards Board s (GASB) new lease guidance is drawing nearer. Private sector companies also have recently adopted significantly revised lease guidance;
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationCost Segregation Services
Cost Segregation Services 1 Who We Are Marshall & Stevens is a recognized leader in valuation. We assist our clients with planning, due diligence, negotiation and reporting issues related to mergers, acquisitions,
More informationValbridge Valuation Advisory
Valbridge Valuation Advisory Re: Attn: Multi-Family Property Taxes Lenders and Purchasers Cash is king, and property taxes can kill the cash flow of a multi-family property. What does that mean to you?
More informationCOST SEGREGATION UNCOVERING HIDDEN CASH FLOW
1800 Avenue of the Stars Suite 310 Century City, CA 90067 (310) 798-3123 info@braunco.com COST SEGREGATION UNCOVERING HIDDEN CASH FLOW Why not recover at least 5 to 10 cents for every dollar you spend
More informationPURCHASE PRICE ALLOCATION IN REAL ESTATE TRANSACTIONS: Does A + B + C Always Equal Value?
PURCHASE PRICE ALLOCATION IN REAL ESTATE TRANSACTIONS: Does A + B + C Always Equal Value? Morris A. Ellison, Esq. 1 Womble Carlyle Sandridge & Rice, LLP Nancy L. Haggerty, Esq. Michael Best & Friedrich,
More informationAppraisal and Market Analysis of Indoor Waterpark Resorts
Appraisal and Market Analysis of Indoor Waterpark Resorts By David J. Sangree, MAI, CPA, ISHC An appraisal of an indoor waterpark resort is similar to other appraisals in that it is a professional appraiser
More informationThe accounting treatment of goodwill as stipulated by IFRS 3
Available online at www.sciencedirect.com Procedia - Social and Behavioral Sciences 62 ( 2012 ) 1120 1126 WC-BEM 2012 The accounting treatment of goodwill as stipulated by IFRS 3 Munteanu Victor a, Alice
More informationGuide to Personal Property Rendition
Guide to Personal Property Rendition If you own a business, you are required by law to report personal property that is used in that business to your county appraisal district. There are substantial penalties
More informationImpact of lease accounting changes to corporate real estate
Impact of lease accounting changes to corporate real estate Overview In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited revision to lease accounting Accounting Standards
More informationTOWN OF LINCOLN COUNCIL POLICY
Page 1 of 10 PURPOSE The purpose of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial report can discern information about the investment in
More informationINVENTORY POLICY For Real Property
INVENTORY POLICY For Real Property (Broader Public Sector Entities) Page 1-12 CONTENTS 1. TITLE... 3 2. OVERVIEW... 3 3. PURPOSE... 3 4. POLICY STATEMENT... 3 5. APPLICATION... 7 6. EVALUATION AND REVIEW...
More informationBUSINESS COMBINATIONS: CLARIFYING THE DEFINITION OF A BUSINESS
BUSINESS COMBINATIONS: CLARIFYING THE DEFINITION OF A BUSINESS Prepared by: Robert Dombrowski, Partner, National Professional Standards Group, RSM US LLP robert.dombrowski@rsmus.com, +1 847 413 6209 TABLE
More informationLeases: Overview of the new guidance
Leases: Overview of the new guidance Prepared by: Richard Stuart, Partner, National Professional Standards Group, RSM US LLP richard.stuart@rsmus.com, +1 203 905 5027 March 2, 2016 Introduction On February
More informationCounty of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL
County of Riverside OFFICE OF THE AUDITOR-CONTROLLER STANDARD PRACTICE MANUAL SECTION: 5 POLICY NUMBER: 506 SUBJECT: CATEGORY: ACCOUNTING FOR: MODULAR FURNITURE CAPITAL ASSET POLICIES REVISED DATE: 07/01/17
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS Dundee Real Estate Investment Trust Consolidated Balance Sheets (unaudited) June 30, December 31, (in thousands of dollars) Note 2004 2003 Assets Rental properties 3,4
More informationINTANGIBLE VALUE FACT OR FICTION
1 Define Intangible OUTLINE Outline Appraisal Concepts, Definitions and Issues Examine Legal Framework Examine Case Study Provoke Debate Declare Winning Argument (But the points don t matter) 2 One of
More informationINVENTORY POLICY For Real Property
INVENTORY POLICY For Real Property (Consolidated Revenue Fund Entities) Page 1-10 CONTENTS 1. TITLE... 3 2. OVERVIEW... 3 3. PURPOSE... 3 4. POLICY STATEMENT... 3 5. APPLICATION... 7 6. EVALUATION AND
More informationPurchase Price Allocations ASC 805 Business Combinations
Purchase Price Allocations Introduction Mergers, acquisitions, and other business transactions have numerous accounting and tax implications. Buyers generally identify and report the fair values of the
More informationAdministration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date:
County of Butte Administration s Finance Office Approval Date: 4/10/12 Effective Date: 4/10/12 Capital Assets and Property Review Date: Control County Wide Version: One Last Revision Date: 4/10/12 PURPOSE
More informationI ROC 2017 Financial Administrators Section Conference
I ROC 2017 Financial Administrators Section Conference September 9, 2017 kpmg.ca Presenters Chris Cornell KPMG Partner, Financial Services Steven Sharma KPMG Partner, Financial Services 2 IIROC 2017 Financial
More informationIMPAIRMENT TESTING OF LONG-LIVED ASSETS TO BE HELD AND USED
IMPAIRMENT TESTING OF LONG-LIVED ASSETS TO BE HELD AND USED Prepared by: Rick Day, Partner, National Director of Accounting, RSM US LLP rick.day@rsmus.com, +1 563 888 4017 TABLE OF CONTENTS Introduction...
More informationTechnical Line SEC staff guidance
No. 2013-20 Updated 27 August 2015 Technical Line SEC staff guidance How to apply S-X Rule 3-14 to real estate acquisitions In this issue: Overview... 1 Applicability of Rule 3-14... 2 Measuring significance...
More informationWALLER COUNTY APPRAISAL DISTRICT MASS APPRAISAL REPORT APPRAISAL YEAR 2018
WALLER COUNTY APPRAISAL DISTRICT MASS APPRAISAL REPORT APPRAISAL YEAR 2018 ADDENDUM TO WCAD REAPPRAISAL PLAN FOR 2017 AND 2018 WALLER COUNTY APPRAISAL DISTRICT Uniform Standards of Professional Appraisal
More informationCenter for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members
REPORT February 22, 2017 Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members ASU 2017-04: Goodwill Simplifications Implementation Considerations
More informationReal-Estate BCBA. Board Certification in Business (BCBA) Valuation. Download Full Version :
Real-Estate BCBA Board Certification in Business (BCBA) Valuation Download Full Version : http://killexams.com/pass4sure/exam-detail/bcba QUESTION: 237 Which of the following is NOT a common category of
More informationValuation Issues and Divorce
Lori Wilhelmy, ASA 513.813.4134 LWilhelmy@ComStockAdvisors.com Valuation Issues and Divorce The valuation of a closely held business for divorce purposes is based on valuation theory, state statute and
More informationLITIGATING IN A MASS APPRAISAL ENVIRONMENT
11 th Mass Appraisal Valuation Symposium Innovation, Transformation, Knowledge Enhancement and Improved Efficiencies in Mass Appraisal Niagara Falls, Canada May 17-18, 2016 LITIGATING IN A MASS APPRAISAL
More informationJuly 17, Technical Director File Reference No Re:
July 17, 2009 Technical Director File Reference No. 1680-100 Re: Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) Discussion Paper titled Leases: Preliminary
More informationCENTRAL GOVERNMENT ACCOUNTING STANDARDS
CENTRAL GOVERNMENT ACCOUNTING STANDARDS NOVEMBER 2016 STANDARD 4 Requirements STANDARD 5 INTANGIBLE ASSETS INTRODUCTION... 75 I. CENTRAL GOVERNMENT S SPECIALISED ASSETS... 75 I.1. The collection of sovereign
More informationBusiness Combinations
Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying
More informationBusiness Personal Property February 1, 2012 Revenue Laws
Business Personal Property February 1, 2012 Revenue Laws David Baker, Director Local Government Division N.C. Department of Revenue 919-733-7711 David.baker@dornc.com Fair Market Value N.C.G.S. 105-283:
More informationPRACTICAL TIPS FOR IMPLEMENTING THE NEW LEASE ACCOUNTING STANDARD
PRACTICAL TIPS FOR IMPLEMENTING THE NEW LEASE ACCOUNTING STANDARD SHAUNA WATSON, VP, GLOBAL HEAD OF TECHNICAL ACCOUNTING MICHAEL ALLEN, PARTNER, TRANSACTION ADVISORY SERVICES 1. Overview of Accounting
More informationCost Segregation Instructor Teaching Schedule (3-Hour)
Time Topic Pages Student Objectives 8:30-8:35 Course introduction Page 2 What is cost segregation? Objective of cost segregation: to increase cash flow Benefit of cost segregation Learning objectives Page
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2016 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,
More informationTechnical Line FASB final guidance
No. 2016-09 14 April 2016 Technical Line FASB final guidance How the FASB s new leases standard will affect health care entities In this issue: Overview... 1 Key considerations... 3 Scope and scope exceptions...
More informationroots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies
The Substance of the Standard MAYER HOFFMAN MCCANN P.C. AN INDEPENDENT CPA FIRM TM A publication of the Professional Standards Group February 2014 Changes to the Accounting for Goodwill for Private Companies
More informationLeaseCalcs: The Great Wall
LeaseCalcs: The Great Wall Marc A. Maiona June 22, 2016 The Great Wall: Companies reporting under IFRS are about to hit the wall due to new lease accounting standards. Every company that reports under
More informationCAPITAL ASSETS MVECA. Presented by: Larry Weeks, CPA
CAPITAL ASSETS MVECA Presented by: Larry Weeks, CPA Capital Assets Overarching theory of MATERIALITY GAAP need not be applied to immaterial amounts. 2 GASB Codification Section 1400 Reporting Capital Assets
More informationHotel / Motel. Market Value Assessment in Saskatchewan Handbook. Hotel / Motel Valuation Guide
Market Value Assessment in Saskatchewan Handbook Hotel / Motel Saskatchewan Assessment Management Agency 2012 This document is a derivative work based upon a handbook entitled the "Market Value and Mass
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2014 Presented By: Karen Kent, CPA, Partner, Kevin P. Martin & Associates, P.C. Kenneth Lund,
More informationSales Associate Course
Sales Associate Course Chapter Seventeen Real Estate Investments and Business Opportunity Brokerage 1 Investment Analysis Most important consideration: Economic soundness Land use controls Zoning Deed
More informationFASB s 2013 Proposal on Accounting for Leases
FASB s 2013 Proposal on Accounting for Leases Frequently Asked Questions September 2013 The project on lease accounting is a joint project of the FASB and the International Accounting Standards Board.
More informationCouncil Policy Name: Policy Statement and Rationale: Scope: Council Policy No.: C205 CAO 044. Date Approved by Council: May 26, 2015
Council Policy No.: C205 CAO 044 Council Policy Name: Date Approved by Council: May 26, 2015 Date revision approved by Council: Related SOP, Management Directive, Council Policy, Form Policy Statement
More informationEN Official Journal of the European Union L 320/373
29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting
More informationMassachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2011
Massachusetts Housing Investment Corporation Accounting, Audit & Tax Workshop For the Year Ended December 31, 2011 Presented By: Marianne Heard, CPA, MST, Tax Director, Kevin P. Martin & Associates, P.C.
More informationGuide to Appraisal Reports
Guide to Appraisal Reports What is an appraisal? An appraisal is an independent valuation of real property prepared by a qualified Appraiser and fully documented in a report. Based on a series of appraisal
More informationThe Canadian Institute of Chartered Business Valuators. The American Society of Appraisers
The Canadian Institute of Chartered Business Valuators and The American Society of Appraisers are pleased to present A Joint Three-Day Intermediate Business Valuation Seminar Valuation of Intangible Assets
More information5. The cost of buildings includes all necessary costs related to the purchase or construction
CHAPTER REVIEW Plant Assets 1. (S.O. 1) Plant assets are tangible resources that are used in the operations of a business and are not intended for sale to customers. Plant assets are subdivided into four
More informationImplementing the New Lease Guidance
Implementing the New Lease Guidance October 22, 2018 2018 Crowe LLP 2018 Crowe LLP Agenda Background Scope Effective dates & transition requirements Lessee accounting model Lessor accounting model Specialized
More informationMPEEM The New and Improved Residual Technique of Reserve Valuation
MPEEM The New and Improved Residual Technique of Reserve Valuation Prepared by Alan K. Stagg, PG, CMA Stagg Resource Consultants, Inc. Cross Lanes, West Virginia ABSTRACT The residual technique of reserve
More informationRESIDENTIAL & COMMERCIAL PROPERTY MANAGEMENT
Property Management and Leasing RESIDENTIAL & COMMERCIAL PROPERTY MANAGEMENT Our philosophy is simple, we take care of your property as if it were our own! Providing a unique experience for our customers
More informationLeases make their way onto the balance sheet
February 2016 IFRS Practical Matters France Leases make their way onto the balance sheet Navigating the journey for a smooth landing What you need to know The IASB issued a new standard for leases that
More informationThe joint leases project change is coming
No. 2010-4 18 June 2010 Technical Line Technical guidance on standards and practice issues The joint leases project change is coming What you need to know The proposed changes to the accounting for leases
More informationBroadstone Asset Management, LLC
Broadstone Asset Management, LLC 800 Clinton Square Rochester, NY 14604 Phone: 585-287-6500 www.broadstone.com Firm CRD#: 281847 Date: March 29, 2018 This brochure provides information about the qualifications
More informationASC 842 Lease Accounting Quantitative Disclosure Requirements for Tenants You Need to Know. AUTHOR: Michael Nichols, Chief Financial Officer
ASC 842 Lease Accounting Quantitative Disclosure Requirements for Tenants You Need to Know AUTHOR: Michael Nichols, Chief Financial Officer The Current State of ASC 842 CURRENT IMPACT OF THE NEW FASB REGULATIONS
More informationTANGIBLE CAPITAL ASSETS
Administrative Procedure 535 Background TANGIBLE CAPITAL ASSETS The Division will follow a prescribed procedure to record and manage the tangible capital assets (TCA) owned by the Division. The treatment
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM 8-K/A
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event
More information1.3. The Policy is based on the City of London governing principles:
Real Property Acquisition Policy Policy Name: Real Property Acquisition Policy Legislative History: Enacted September 19, 2017 (By-law No. CPOL.-188-440); Amended July 24, 2018 (By-law No. CPOL.-188(a)-447)
More informationIAS Revenue. By:
IAS - 18 Revenue International Accounting Standard No 18 (IAS 18) Revenue In 1998, IAS 39, Financial Instruments: Recognition and Measurement, amended paragraph 11 of IAS 18, adding a cross-reference to
More informationUse of Comparables. Claims Prevention Bulletin [CP-17-E] March 1996
March 1996 The use of comparables arises almost daily for all appraisers. especially those engaged in residential practice, where appraisals are being prepared for mortgage underwriting purposes. That
More informationPart 1. Introduction to the Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets. Preview...
Table of Contents Overview... ix Course Schedule... xiii SECTION 1 Part 1. Introduction to the Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets Preview... 1 Course
More informationCORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW
CORPORATION OF THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS BY-LAW 16-025 BEING A BY-LAW TO ADOPT A TANGILBLE CAPITAL ASSET POLICY FOR THE TOWNSHIP OF LEEDS AND THE THOUSAND ISLANDS. WHEREAS Section
More informationProperty Consultants making a real difference to your business
Property Consultants making a real difference to your business Making commercial sense of property Focused on commercial benefits Making property add value to your business In everything we do, we are
More informationBest Practice Guideline: MAJOR CAPITAL WORKS
Best Practice Guideline: MAJOR CAPITAL WORKS 1. PURPOSE This Guideline aims to assist ClubsNSW Members dealing with major capital works projects by: setting out the main steps that should be followed in
More informationIFRS Training. IAS 38 Intangible Assets. Professional Advisory Services
IFRS Training IAS 38 Intangible Assets Table of Contents Section 1 Overview 2 Introduction to Intangible Assets 3 Recognition and Initial Measurement 4 Internally Generated Intangible Assets 5 Measurement
More informationAll Interested Parties. Rick Baumgardner, Chair Appraisal Practices Board. Date: September 9, Background
TO: FROM: RE: All Interested Parties Rick Baumgardner, Chair Appraisal Practices Board Concept Paper Valuation Issues in Separating Tangible and Intangible Assets Date: September 9, 2013 Background Those
More informationANNUAL REPORT 2017 Lake Country Co-operative Association Limited
ANNUAL REPORT Management's Responsibility To the Members of Lake Country Co-operative Association Limited: Management is responsible for the preparation and presentation of the accompanying financial statements,
More informationREVENUE RECOGNITION AND LEASE ACCOUNTING
REVENUE RECOGNITION AND LEASE ACCOUNTING DALLAS INSTITUTE OF INTERNAL AUDITORS CONFERENCE October 2017 TABLE OF CONTENTS I. REVENUE RECOGNITION OVERVIEW II. III. IV. LEASE ACCOUNTING OVERVIEW IMPLEMENTATION
More informationEdison Electric Institute and American Gas Association New Lease Standard
Edison Electric Institute and American Gas Association New Lease Standard May 16, 2016 Disclaimer The information contained herein is of a general nature and is not intended to address the circumstances
More informationGASB 87 - Leases. South Carolina Association of CPAs Fall Fest November 16, 2018 Mauldin & Jenkins
November 16, 2018 Mauldin & Jenkins 800-277-0050 www.mjcpa.com GASB 87 - Leases Effective for periods beginning after December 15, 2019 - December 31, 2020 or June 30, 2021 or September 30, 2021 Amends
More informationTHE ART OF BUSINESS VALUATION
BUSINESS VALUATIONS GROWING THE ART OF BUSINESS VALUATION Douglas A. Michel, CPA/ABV, CVA & Alex E. Kummer, CPA, CVA, Clark Schaefer Hackett THE VALUE OF YOUR BUSINESS Steve Lumley, LGI CFO BUY SELL AGREEMENTS
More informationOn the Horizon: Leases and Fiduciary Responsibilities
On the Horizon: Leases and Fiduciary Responsibilities Dean Michael Mead, Research Manager Florida School Finance Officers Association November 11, 2015 The views expressed in this presentation are those
More informationWESTFIELD REAL ESTATE INVESTMENT TRUST
Unaudited Financial Statements of WESTFIELD REAL ESTATE INVESTMENT TRUST BALANCE SHEET (As at, unaudited and December 31,, audited) Assets December 31, Income-producing properties (note 4) $ 100,749,687
More informationSample Engagement Letter
Sample Engagement Letter [Appraiser Firm Name] [Appraiser Firm Address] [Date] [Client] [Address] Re: Appraisal Request [Brief description of property or assignment] Dear [ ]: [Appraisal firm name or appraiser
More informationReal Estate Services for Corporate Clients. Comcast Headquarters, Philadelphia, PA. Attorney Advertising
Real Estate Services for Corporate Clients Comcast Headquarters, Philadelphia, PA Attorney Advertising National Strength Local Presence Ballard Spahr knows real estate. Whether it s a plant or a pipeline,
More informationCapitalization and Depreciation of Property, Plant, and Equipment
Boston College Office of the Financial Vice President Capitalization and Depreciation of Property, Plant, and Equipment University Policy Overview It is the policy of Boston College (the University) to
More informationCHAUTAUQUA COUNTY LAND BANK CORPORATION
EXHIBIT H CHAUTAUQUA COUNTY LAND BANK CORPORATION LAND ACQUISITION AND DISPOSITION POLICIES AND PRIORITIES November 14, 2012 *This document is intended to provide guidance to the Chautauqua County Land
More informationRE: REALTORS Support Climate Goals; Oppose Energy Scoring at Time of Sale TISH
November 27, 2018 City of Minneapolis 350 S. 5th St. Minneapolis, MN 55415 RE: REALTORS Support Climate Goals; Oppose Energy Scoring at Time of Sale TISH Dear Mr. Mayor, President and Members of the City
More informationFISCAL POLICIES MANUAL... 1
FISCAL POLICIES MANUAL... 1 CAPITAL ASSETS...1 PREFACE... 1 DEFINITIONS... 1 POLICY... 5 ASSET IDENTIFICATION...5 CAPITAL ASSETS...6 CAPITALIZED ASSETS...6 INTANGIBLE ASSETS...7 DEPRECIATION AND AMORTIZATION...9
More informationIs Your Operating Lease An Asset or Liability? It s Now Both
MFM Annual Conference Is Your Operating Lease An Asset or Liability? It s Now Both 23 May 2016-1:30 pm 2:20 pm Disclaimer These slides are for educational purposes only and are not intended, and should
More informationWYOMING DEPARTMENT OF REVENUE CHAPTER 7 PROPERTY TAX VALUATION METHODOLOGY AND ASSESSMENT (DEPARTMENT ASSESSMENTS)
CHAPTER 7 PROPERTY TAX VALUATION METHODOLOGY AND ASSESSMENT (DEPARTMENT ASSESSMENTS) Section 1. Authority. These Rules are promulgated under the authority of W.S. 39-11-102(b). Section 2. Purpose of Rules.
More informationAccounting for Amalgamations
198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-27 Types of Amalgamations 4-6 Methods of Accounting for Amalgamations
More informationOPTION TO PURCHASE THE PROPERTY AT 16 SUNGEI KADUT WAY SINGAPORE
Company Registration Number: 201223004Z 49 Sungei Kadut Loop Singapore 729492 OPTION TO PURCHASE THE PROPERTY AT 16 SUNGEI KADUT WAY SINGAPORE 728793 1. INTRODUCTION The Board of Directors (the Board or
More informationREAL ESTATE INVESTING GUIDE. Combine IRA tax advantages with real estate investment opportunities.
REAL ESTATE INVESTING GUIDE Combine IRA tax advantages with real estate investment opportunities. INTRODUCTION The IRS allows an IRA, Solo 401(k), or HSA to acquire real estate as an asset without penalty
More informationMark Prendergast Director of Trusts & Estates
Mark Prendergast Director of Trusts & Estates San Antonio Estate Planners Council December 20 th, 2011 Dallas Headquarters $800 Million in last 12 months Founded 1976 3 rd Largest Auction House in the
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationA guide to. accounting for. Second Edition. Assurance Tax Consulting
A guide to accounting for Business Combinations Second Edition Assurance Tax Consulting A guide to accounting for Business Combinations Second Edition January 2012 This publication is provided as an information
More informationGASBs Presented by: William Blend, CPA, CFE
GASBs 87-89 Presented by: William Blend, CPA, CFE Leases: Statement 87 Effective Date and General Implementation Effective for Florida fiscal year end 2021. Earlier application is encouraged. Leases should
More informationIdentifying and Valuing Intangible Assets More than just the Leftovers
Identifying and Valuing Intangible Assets More than just the Leftovers Joseph Omoworare Managing Director Duff & Phelps, LLC Dallas, Texas Joseph.Omoworare@duffandphelps.com Agenda I. Definition: What
More informationFASB and IASB Continue Making Decisions on Lease Accounting
Accounting Journal Entry FASB and IASB Continue Making Decisions on Lease Accounting March 28, 2011 At recent meetings, the FASB and IASB (the boards ) have continued to make progress on the leases project,
More informationQRE ADVISORY SERVICES QRE. St. Martin s House, Waterloo Road, Dublin 4. Prepared by:
QRE ADVISORY SERVICES Prepared by: QRE St. Martin s House, Waterloo Road, Dublin 4 QRE QRE is a wholly owned subsidiary of the Space Property Group and was established to drive the innovations needed in
More informationACCOUNTING. IASB releases six new standards. edition. may The IASB in mid-may released six new Accounting Standards.
may 2011 www.bdo.com.au ACCOUNTING news IASB releases six new standards The IASB in mid-may released six new Accounting Standards. IFRS 13 Fair Value Measurement is the result of the IASB s and FASB s
More informationAn Examination of Potential Changes in Ratio Measurements Historical Cost versus Fair Value Measurement in Valuing Tangible Operational Assets
An Examination of Potential Changes in Ratio Measurements Historical Cost versus Fair Value Measurement in Valuing Tangible Operational Assets Pamela Smith Baker Texas Woman s University A fictitious property
More informationAccounting for Tangible Capital Assets
Accounting for Tangible Capital Assets Date Approved by Board: 2011.11.17 Resolution No.: 11-113 2016.05.19 16-048 Lead Role: CFO Replaces: N/A Last Review Date: N/A Next Review Date: 2019.05.19 Policy
More informationSelling the Privately Held Company
Selling the Privately Held Company Tuesday, January 15, 2013 Boston Bar Association Continuing Legal Education www.bostonbar.org/edu/cle SELLING THE PRIVATELY HELD COMPANY By: Steven C. Browne, Gitte J.
More informationIntangibles CHAPTER CHAPTER OBJECTIVES. After careful study of this chapter, you will be able to:
CHAPTER Intangibles CHAPTER OBJECTIVES After careful study of this chapter, you will be able to: 1. Explain the accounting alternatives for intangibles. 2. Record the amortization or impairment of intangibles.
More informationLEASEHOLD PROPERTY CLIENT GUIDE
CLIENT GUIDE LEASEHOLD PROPERTY As the owner of a Leasehold property, it is in your own interest to understand the legal nature of the ownership. What exactly do you own and what are the associated rights
More informationIFRS - 3. Business Combinations. By:
IFRS - 3 Business Combinations Objective 1. The purpose of this IFRS is to specify to disclose financial information by an entity when carrying out a business combination. In particular, specifies that
More informationRAINS COUNTY APPRAISAL DISTRICT
RAINS COUNTY APPRAISAL DISTRICT 2017 MASS APPRAISAL SUMMARY REPORT mass appraisal report 2017 uspap_appr_report RAINS COUNTY APPRAISAL DISTRICT 2017 MASS APPRAISAL SUMMARY REPORT Identification of Subject:
More information