50 IAC 4.2-8-8 Pools for base year values; summation by year placed in service

Sec. 8. (a) The base year value of all leased personal property being reported in a tax return is required to be segregated for Indiana property tax purposes into four (4) separate pools. The determination of the proper classification of the pool in which leased property should be included is to be based upon the useful life of property determined in accordance with the ADR regulation guideline life published by the Internal Revenue Service in Regulation 1.167(a)-11. The pools to be utilized for Indiana property tax purposes are: (1) Pool No. 1: One (1) through four (4) year life. (2) Pool No. 2: Five (5) through eight (8) year life. (3) Pool No. 3: Nine (9) through twelve (12) year life. (4) Pool No. 4: Thirteen (13) year or longer life. (b) Summation of base year value by pool by the year the leased personal property is placed in service. After the appropriate pool is determined for each unit of leased property, the base year values must be summarized by the year during which the leased property is placed into service.