Section 26 Valuation

LibraryTax 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, §...

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