Martin County Tax Office Typical Farming Listing Form for 2008 Listing

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Martin County Tax Office Typical Farming Listing Form for 2008 Listing Season Following is a sample of a completed listing form. Because of the flexibility of the form there are a number of ways it might be completed, but the example shows what we consider the most typical way for a farming operation to complete the form. Refer to Numbers circled in Red on the sample form.

1) This particular farm is a sole proprietorship, so the listing will be in the name of the sole owner; however, the farming operation is generally known as cSleepy Hollow Farms d. 2) The farming operation began on 1-16-1984. If the specific date is not known, use month and year or just the year 3) The fiscal year in this case coincides with the calendar year, so 12-31 was entered.

If other than calendar year, specify the month-day of the fiscal year end. 4) Marked to indicate the business is a sole proprietorship and that the business category is farming 5) The the business is farming 6) If we have questions about the listing or need audit information, we are to contact John T. Doe 7) If we have questions regarding payment of the tax ... more. less.

bill for this entity, we are to contact Jane C. Bookkeeper. 8) During the calendar year of 2007, the business purchased a mower @ $8500 and purchased a computer with a printer as a single purchase @ $1725. These were both purchases where Sleepy Hollow Farms is the initial purchasor. 9) As of January 1, the values at 100% cost of office supplies for the business (paper, pens, forms, etc) is $100, fuel on hand is $1300, and parts for maintenance of the farming equipment is $1500. If an inventory is not kept, the value of what is normally present may be used and may be estimated by using 1/12 of the annual cost. 10) While not critical, it is extremely helpful if you add up the total cost from all pages. This gives a ccontrol total d for the tax office to balance to when entering the information to help with accuracy. 11) The business leases a combination copy machine/printer/fax from Xerox and discloses this information so that the tax office can make certain that Xerox is assessed for this equipment. 12) The business leases 35 acres of crop land from the State of North Carolina at a rate of $35 per acre for a total of $1,225 per year under a five year lease. 13) The Vada trailers purchased in 1986, 1987, and 1992 were all sold in 2007, so they have been ruled out to delete them from this listing 14) The John Deere tractor was traded for a newer model 15) Only the printer of the computer equipment listed in 2002 was disposed of, so the original cost of the printer has been removed leaving the original cost of the computer system at $1,900 16) A 2002 John Deere tractor was purchased used to replace the 1994 model that was deleted by step 14. The total delivered price to the original owner back in 2002 was $46,000. The current owner paid $22,000 plus trading in the old tractor valued at $10,000 for a total of $32,000; however, for proper valuation purposes, the original acquisition cost must be used. So this is not listed on the form as a 2007 acquisition at $32,000, but rather as a 2002 acquisition at $46,000. The situation of the tobacco harvester is the same. Even though purchased used in 2007, it is listed as if acquired in 1997 along with its cost to the original owner in 1997. 17) A footnote relating back to step 15 to indicate that only a portion of the equipment was deleted.

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