15 AAC 75.040. Statement of value; records

(a) For periods before January 1, 1981, the department will, in its discretion, require a person contracting with a custom processor for fisheries resource processing to furnish the custom processor or the department with a statement of value for the resource processed by the custom processor. The statement of value must report the species of fisheries resources processed, the total pounds of each species, and the actual value by species, as determined in accordance with AS 43.75.140 (7) and 15 AAC 75.300(6) .

(b) The custom processor is liable for an additional tax assessment, if any, unless the custom processor obtains from the owner of the fisheries resource an assumption of liability for an incorrect statement of value and the owner pays any additional tax assessed resulting from the incorrect statement of value.

(c) For periods after December 31, 1980, the department will, in its discretion, require a person, other than a fisheries business, who contracts with a custom processor for fisheries resource processing to furnish the custom processor or the department with a statement of value for the resource processed by the custom processor. The statement of value must report the species of fisheries resources processed, the total pounds of each species, and the actual value by species, as determined in accordance with AS 43.75.140 (7) and 15 AAC 75.300(6) .

(d) The custom processor who processes a fisheries resource for a non-fisheries business is liable for an additional tax assessment, if any, unless the custom processor obtains from the owner of the fisheries resource an assumption of liability for an incorrect statement of value and the owner pays any additional tax assessed resulting from the incorrect statement of value.

(e) The records of the owner of the fisheries resource shall be open to audit for purposes of verifying the values reported under (a) and (c) of this section. The owner's records shall be subject to the same statute of limitations as the records of a fisheries business.

History: Eff. 9/9/81, Register 79; am 9/18/81, Register 80; am 1/16/82, Register 81

Authority: AS 43.05.080

AS 43.75.015

AS 43.75.140

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