Section 15.65.240. Transition rules.

	(a)  The calendar or fiscal year tax period during which the exemption period described in 15 AAC 65.200 expires is the transition year.  
	(b)  Mining net income subject to tax in a transition year is to be computed by an allocation formula. To determine taxable income, the entire taxable income in the transition year is multiplied by a fraction, the numerator of which is the number of days in the transition year falling outside the exemption period, and the denominator of which is the total number of days in the transition year.  
	(c)  A mining operation that commenced production within three and one-half years before April 1, 1986 has 120 days after August 9, 1986 to record the affidavit required by 15 AAC 65.210. If a certificate of exemption is granted, the exemption period begins on the date of initial production.  

Authorities

43.05.080;43.65.010;43.65.020

Notes

Authority

AS 43.05.080 AS 43.65.010 AS 43.65.020 ________________________

History

Eff. 8/9/86, Register 89