Section 11.83.247. Redetermination.

	(a)  If, as a result of an inspection of records under 11 AAC 83.245(e) or an audit under 11 AAC 83.245(f), the commissioner determines that (1) the method of allocating costs and production to a NPSL within a unit is improper, (2) there is an error or an improper cost claimed in a net profit share lease account, or (3) there is an error in the net profit share payment due the state, the commissioner will redetermine the net profit, recalculate the net profit share payment due the state, and notify the lessee of the redetermination.  
	(b)  In the event of an underpayment, the lessee shall pay any additional amount of net profit share payment due the state plus interest at a variable rate per year equal to the prime rate prevailing during the month of the underpayment, as announced from time to time by the Bank of America, San Francisco, California, plus 1.25 percent a year. In the event of an overpayment, the state will return the overage to the lessee plus interest at a variable rate per year equal to the prime rate prevailing during the month of the overpayment, as announced from time to time by the Bank of America, San Francisco, California, plus 1.25 percent a year, or the lessee may claim a credit in the same amount to be applied to the next profit share payment.  

Authorities

38.05.020;38.05.180

Notes

Reference

11 AAC 83.250

Authority

AS 38.05.020 AS 38.05.180

History

Eff. 11/9/79, Register 72; am 8/15/82, Register 83