Section 26 Valuation

• Library: Tax Law 2009

Owned property is valued at its original cost basis for federal income tax purposes adjusted for subsequent capital additions and improvements and for partial dispositions. 12 C.S.R. § 10-2.075(24). Depreciation is not taken into account. 12 C.S.R. § 10-2.075(24)(A). If the original cost is unascertainable, the property is valued at fair market value on the date acquired by the taxpayer. 12 C.S.R. § 10-2.075(24)(D). Inventory is valued according to the method of valuation used for federal income tax purposes. 12 C.S.R. § 10-2.075(24)(E).

Rented property is valued at eight times its net annual rental rate. Compact, Article IV, §...