NAC361.421. Cost approach indicator of value: Determination.

The cost approach consists of:

     1. Determining the gross book cost for financial reporting purposes of all taxable operating property, including, but not limited to, all property relating to rail transportation, utility plant in service, plant held for future use, contributed plant, nuclear fuel, construction work in progress, experimental plant, acquisition adjustments, materials and supplies, plant and other property leased from others and common plant.

     2. Deducting from the gross book cost the accrued book depreciation recorded for financial reporting purposes, which may include physical, functional and economic obsolescence. Additional obsolescence must be deducted when adequately quantified.

     (Added to NAC by Tax Comm’n, eff. 9-30-88; A by R085-98, 11-23-98)