Section 350.170 - Calculation of weighted average useful life of certain assets1. If a local government finances assets with a medium-term obligation or an installment-purchase agreement having a term of more than 5 years, the local government shall calculate the weighted average useful life of the assets for the purpose of complying with the provisions of subsection 4 of NRS 350.091.2. To determine the useful life of the assets, the local government may use:(a) Publication 946 of the Internal Revenue Service entitled "How to Depreciate Property," which may be obtained free of charge on the Internet from the website of the Internal Revenue Service at http://www.irs.gov/; or(b) Any other manual or source of information that provides useful life if the local government, in the resolution adopted pursuant to NRS 350.087 authorizing the medium-term obligation or installment-purchase agreement, makes a finding that the weighted average term of the medium-term obligation or installment-purchase agreement will not exceed the estimated weighted average useful life of the assets being financed with the medium-term obligation or installment-purchase agreement. If the Executive Director of the Department of Taxation determines that the finding by the local government is unreasonable or arbitrary, he or she may disapprove the resolution pursuant to NRS 350.089.Nev. Admin. Code § 350.170
Added to NAC by Com. on Local Gov't Finance by R027-03, eff. 12-16-2003