50 Ind. Admin. Code 5.1-6-10

Current through May 29, 2024

Section 50 IAC 5.1-6-10 - Permanently retired depreciable personal property

Authority: IC 6-1.1-8-42; IC 6-1.1-31-1

Affected: IC 6-1.1-8-26

Sec. 10.

(a) Permanently retired depreciable personal property that is on hand on the assessment date is subject to an adjustment at the election of the taxpayer.

(b) The value of permanently retired depreciable personal property is the net scrap or net sale value of the depreciable personal property retired.

(c) In order to qualify for this adjustment, a taxpayer will need to substantiate that the depreciable personal property was permanently retired and not in use.

(d) The adjustment for permanently retired depreciable personal property is computed as the difference between the true tax value of the depreciable personal property retired (computed under sections 7 through 9 of this rule) and the net scrap or net sale value of the depreciable personal property retired.

(e) The adjustment for permanently retired depreciable personal property may not exceed the true tax value of the depreciable personal property retired.

50 IAC 5.1-6-10

Department of Local Government Finance; 50 IAC 5.1-6-10; filed Dec 15, 1993, 5:00 p.m.: 17 IR 962; reinstated by IC 6-1.1-8-44, eff Jul 1, 2003