What should an Idaho business valuation report actually contain?
A credible report states the standard of value, premise of value, effective date, the exact interest being valued, key assumptions, and the information sources behind the conclusion. Professional standards from the ASA, NACVA, AICPA, and USPAP all require these elements, and a report missing them invites challenge.
Can I just use an industry rule of thumb to price my Idaho company?
Not for anything formal. Professional standards restrict rules of thumb to secondary reasonableness checks because they ignore company-specific earnings quality, growth prospects, asset mix, and risk. A supportable value comes from analyzing your actual financial statements under the income, market, and asset-based approaches.
Will Idaho tax a business interest passed at death?
No. Idaho repealed its state estate tax and levies no inheritance tax, so a business interest in an Idaho estate matters for federal estate tax reporting rather than a state death tax. Date-of-death valuation remains the foundation for the federal side and for fair distribution among heirs.
Does an Idaho estate have to disclose who valued a closely held business interest?
Yes. Idaho Code 15-3-707 lets the personal representative employ a qualified and disinterested appraiser for any asset whose value may be subject to reasonable doubt, and the appraiser’s name and address must appear on the inventory next to the items they appraised. Different appraisers may handle different asset classes, so a company interest and the machinery inside it can each go to a specialist.
If equipment moves into Idaho midyear, is it assessed that year?
Yes, as of the date it arrives. Idaho Code 63-205 sets the annual assessment date at 12:01 a.m. on January 1 but provides that personal property entering the state after that date is assessed on the date of entry. A company relocating machinery into Idaho picks up an assessment in the year of the move rather than waiting for the next January snapshot.