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(a) Sales price under this chapter for the first bona fide, arm's length sales to a third party is the cash value of the full consideration given in receipt for the lessee's oil or gas sold.
(b) Sales price under this chapter for all transactions other than those set forth in (a) of this section is the greater of
(1) the cash value of the full consideration given in receipt for the lessee's oil or gas used, exchanged, or otherwise transferred to another party; or
(2) the sales price attributable to that transaction entered on a lessee's books in accordance with the generally accepted accounting principles, consistently applied.
History: Eff. 11/9/79, Register 72
Authority: AS 38.05.020
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Last modified 7/05/2006