Alaska Administrative Code — Title 15 (Revenue)
15 AAC 65.240
Transition rules
# (a)
The calendar or fiscal year tax period during which the exemption period described in 15
AAC 65.200 expires is the transition year.
# (b)
Mining net income subject to tax in a transition year is to be computed by an allocation formula. To determine taxable income, the entire taxable income in the transition year is multiplied by a fraction, the numerator of which is the number of days in the transition year falling outside the exemption period, and the denominator of which is the total number of days in the transition year.
# (c)
A mining operation that commenced production within three and one-half years before
April 1, 1986 has 120 days after August 9, 1986 to record the affidavit required by 15 AAC
65.210. If a certificate of exemption is granted, the exemption period begins on the date of initial production.
(Eff. 8/9/86, Register 89)
Statutory Authority:
Authority:
AS 43.05.080 AS 43.65.010 AS 43.65.020
Amendment history
Eff. 8/9/86, Register 89
Source: official source document (full AAC Title 15 PDF)
In this chapter (15 sections)
- 65.010 · When license is required
- 65.020 · Mining license application and renewal
- 65.030 · Returns
- 65.040 · Extensions
- 65.100 · Taxable income
- 65.110 · Gross income
- 65.120 · Deductible mining expenses; inventory costs
- 65.125 · Deductible mining expenses; other expenses; depletion
- 65.130 · Tax rate
- 65.200 · Temporary exemption for new mining operation
- 65.210 · Affidavit of initial production
- 65.220 · Certificate of exemption
- 65.230 · Composition of a mining operation
- 65.240 · Transition rules
- 65.990 · Definitions