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1. When buying a business do I use the acquisition cost of the original owner or does my purchase create a new acquisition cost?

At the time of the sale a new market value was established. The new owner will need to report the acquisitions, purchase price, and date of their purchase.

2. Does equipment purchased prior to the start of business and/or equipment from a home I owned or received as a gift need to be listed?

All equipment or fixtures used in the operation of a business are taxable under Utah law. All items must be reported, whether they were acquired before or after the start-up of business.