Administrative Rules of Montana
Department 42 - REVENUE
Chapter 42.23 - CORPORATION LICENSE TAX - GENERAL
Subchapter 42.23.4 - Deductions
Rule 42.23.404 - DEPRECIATION AND OBSOLESCENCE
Universal Citation: MT Admin Rules 42.23.404
Current through Register Vol. 6, March 22, 2024
(1) A reasonable
allowance for the exhaustion, wear and tear, and obsolescence of property arising out of its use or employment in the trade or business is allowed as a depreciation deduction.
(2) The basis upon which depreciation is to be computed shall be the same basis as used for federal income tax purposes.
(3) The method of depreciation used and the amount of the depreciation must be the same as that reported for federal income tax purposes.
Sec. 15-31-501, MCA; IMP, Sec. 15-31-114, MCA;
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