Which California businesses must file a Business Property Statement?
Any owner of taxable personal property with an aggregate cost of $100,000 or more in a county, under Revenue and Taxation Code section 441. The signed statement is due to the assessor between the lien date and 5 p.m. on April 1, and a penalty applies to statements not filed by May 7. Smaller owners file when the assessor asks. An independent appraisal helps when the cost-based assessment overstates what older equipment is worth.
Does California have a gift tax?
Not on current gifts. The State Controller collects gift tax only on gifts made before June 8, 1982, and the state estate tax return has not been required for deaths on or after January 1, 2005. Gifts of art, jewelry, equipment, or business interests by California residents are reported federally on Form 709, and the qualified appraisal that supports them follows IRS rules rather than any state standard.
Can a California divorce use a valuation date other than trial?
Yes. Family Code section 2552 directs the court to value assets and liabilities as near as practicable to the time of trial, but on proper notice and a showing of good cause it may instead value some or all of them at a date after separation and before trial to reach an equal division. We date each appraisal to whichever date counsel expects the court to apply and note it plainly in the report.