Section 15.19.181. Valuation of owned property.

	(a)  Property owned by the taxpayer must be valued at its original cost. As a general rule, "original cost" is considered to be the basis of the property for federal income tax purposes (before any federal adjustments) at the time of acquisition by the taxpayer and adjusted by subsequent capital additions or improvements to it and partial disposition of it by reason of sale, exchange, abandonment, etc.  
	(b)  If the original cost of property is unascertainable, the property must be included in the factor at its fair market value as of the date of acquisition by the taxpayer.  
	(c)  Inventory of stock of goods must be included in the factor in accordance with the valuation method used for federal income tax purposes.  
	(d)  Property acquired by gift or inheritance must be included in the factor at its basis for determining depreciation for federal income tax purposes.  

Authorities

43.05.080;43.19.010

Notes

Reference

15 AAC 19.1290
15 AAC 19.201
15 AAC 20.610

Authority

AS 43.05.080 AS 43.19.010

History

Eff. 5/24/78, Register 66; am 3/31/82, Register 81