Section 706.401956 - Fixed assets: Land account1. The land account for limousine operations must include the cost of all land devoted to the limousine operations of the company, including, without limitation: (a) The original price of the land; and(b) All costs incidental to the purchase when acquired, if paid by the purchaser, including, without limitation, commissions paid to agents, escrow fees, title fees, liens satisfied to clear title and prorated tax expense.2. Where special assessments for public improvements provide for deferred payments, the full amount of the assessments must be charged to the land account for limousine operations or other appropriate land account and the unpaid balance must be carried in an appropriate liability account. Interest on unpaid balances must be charged to the interest account. If any part of the cost of public improvements is included in the general tax levy, that amount must be charged to the appropriate tax account and not to the land account for limousine operations or other appropriate land account.Nev. Admin. Code § 706.401956
Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002