Book value of fixed assets now defines the statutory asset basis, replacing the prior broader "value of assets" wording. The amendment replaces the phrase "value of assets" with "book value of fixed assets" in sub section (2), clause (i), thereby restricting the statutory ... Summary
Book value of fixed assets now defines the statutory asset basis, replacing the prior broader "value of assets" wording.
The amendment replaces the phrase "value of assets" with "book value of fixed assets" in sub section (2), clause (i), thereby restricting the statutory valuation basis to the accounting book value of depreciable fixed assets rather than a broader asset value measure.
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