Section 2 AAC 50.700 - Reporting self-employment and business income(a) In a disclosure statement required under AS 24.60.200 or AS 39.50.020, a legislative branch filer, public official, or candidate who is self-employed by means of a sole proprietorship, partnership, limited liability company, or professional corporation shall report the applicable information required in AS 39.50.030(b)(1) for each source of income as provided in AS 39.50.200(10).(b) A legislative branch filer, public official, or candidate who is self-employed by a corporation in which the legislative branch filer, public official, or candidate holds a controlling interest shall report the applicable information required in AS 39.50.030(b)(1) for each source of income as provided in AS 39.50.200(10). In this subsection, "controlling interest" means the legislative branch filer, public official, or candidate, alone or in combination with one or more family members, controls(1) 50 percent or more of the ownership interest or voting shares of the corporation; or(2) less than 50 percent if the legislative branch filer, public official, or candidate and all family members of the legislative branch filer, public official, or candidates jointly exert actual control as demonstrated by(A) making decisions for the corporation without independent participation of other owners;(B) exercising day-to-day control over the corporation's affairs;(C) disregarding formal legal requirements;(D) using corporation funds for personal expenses or investments, or intermingling corporation finances with personal finances; or(E) taking other actions that indicate the corporation is a mere instrumentality of the legislative branch filer, public official, or candidate.(c) A legislative branch filer, public official, or candidate who has an ownership interest in, but is not self-employed by means of, a business that is a source of income shall report income from that business as provided in 2 AAC 50.685(a).(d) Nothing in this section requires a business to keep records that identify each client, patient, or customer in a transaction involving less than $1,000 if the business does not record the names of customers in the ordinary course of its business, or for accounting or any other purpose required by law.Eff. 12/22/2011, Register 200Authority:AS 15.13.030
AS 24.60.200
AS 24.60.220
AS 39.50.020
AS 39.50.030
AS 39.50.050