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Sec. 154. (1) If the state tax commission determines that property subject to the collection of taxes under this act, including property subject to taxation under 1974 PA 198, MCL 207.551 to 207.572,
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Omitted personal property refers to any belongings or assets that were not disclosed or reported on a tax return or financial statement.
Any individual or business entity that owns personal property is required to report it on their taxes or financial statements.
To fill out or report omitted personal property, individuals or businesses must accurately list all belongings and assets on the appropriate tax forms or financial documents.
The purpose of reporting or omitted personal property is to ensure transparency and accuracy in financial records and tax filings.
All details and descriptions of personal property must be reported, including value, acquisition date, and any relevant documentation.
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