§ 8-110

# (a)

# (1)

In this section the following words have the meanings indicated.

# (2)

“Fair average value” means the average of the fair value of stock in business for the number of months of a year in which the stock in business was in existence.

# (3)

“Fair value” means the lesser of the cost or the value of stock in business.

# (4)

“Stock in business”:

(i) means the inventory of a commercial or manufacturing business that is engaged in business in this State; and

(ii) does not include a used motor vehicle of a registered motor vehicle dealer if that vehicle is:
1. titled in this State; and
2. acquired by a dealer as partial payment of the purchase price of another motor vehicle.

# (b)

Stock in business shall be valued to the owner of the stock in business at its fair average value on the date of finality.