Assessable value inclusion of drilling rigs requires chassis and attachments to be valued, with Modvat credit available where admissible. Assessable value of truck chassis-mounted drilling rigs must include the cost of the truck chassis and all attached components as they are integral parts of a single drilling-rig entity, attached at removal from the factory. Inclusion applies irrespective of component ownership, and the manufacturer may claim Modvat credit for duty already paid on those components if admissible.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessable value inclusion of drilling rigs requires chassis and attachments to be valued, with Modvat credit available where admissible.
Assessable value of truck chassis-mounted drilling rigs must include the cost of the truck chassis and all attached components as they are integral parts of a single drilling-rig entity, attached at removal from the factory. Inclusion applies irrespective of component ownership, and the manufacturer may claim Modvat credit for duty already paid on those components if admissible.
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