15 AAC 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.

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

Authority: AS 43.05.080

AS 43.19.010

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.