Businesses can reduce the cost basis due to impairment of value based on functional or external obsolescence. In most cases, the accounting team makes decisions regarding impairment in value during consultation with management. Visit https://www.poconnor.com/valuation-of-personal-property-in-practice/ to learn more.
O'Connor provides property tax consulting services for both residential and commercial properties in numerous cities throughout Texas. To know property tax trends and comparison between cities