State Statute 137.122 states Business personal property is tangible personal property that is used in a trade or business or used for production of income and which has a determinable life of longer than 1 year except that supplies used by a business shall also be considered business personal property, but shall not include livestock, farm machinery, grain, and other agricultural crops in an unmanufactured condition.
State Statute 137.122 states …(5) "Placed in Service", property is placed in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Even if the property is not being used, the property is in service when it is ready and available for its specific use…
411 Jules Street, Rooms 122 & 222, Saint Joseph, MO 64501
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