42.26.235 VALUATION OF OWNED PROPERTY
(1) Property owned by the taxpayer shall be valued at its original
cost. As a general rule "original
cost" is deemed to be the basis of the property for federal income tax
purposes (prior to any federal adjustments) at the time of acquisition by the
taxpayer and adjusted by subsequent capital additions or improvements thereto
and partial disposition thereof, by reason of sale, exchange, abandonment, etc.
(2) If the original cost of property is
unascertainable, the property is included in the factor at its fair market
value as of the date of acquisition by the taxpayer.
(3) Inventory of stock of goods shall be
included in the factor in accordance with the valuation method used for federal
income tax purposes.
(4) Property acquired by gift or inheritance
shall be included in the factor as its basis for determining depreciation for
federal income tax purposes.
History: Sec. 15-1-201, 15-31-313, and 15-31-501, MCA; IMP, Sec. 15-1-601, 15-31-305, 15-31-306, and 15-31-307, MCA; NEW, Eff. 1/2/77; AMD, 1979 MAR p. 1691, Eff. 12/28/79; AMD, 2001 MAR p. 2469, Eff. 12/21/01.