Nevada Administrative Code
Chapter 362 - Taxes on Patented Mines and Proceeds of Minerals
PROCEEDS OF MINERALS
General Provisions
Section 362.035 - Deductions: Interpretation of certain statutory terms

Universal Citation: NV Admin Code 362.035

Current through December 12, 2024

For the purposes of:

1. Paragraph (k) of subsection 3 of NRS 362.120, the Nevada Tax Commission will interpret the term "developmental work" to have the meaning ascribed to it in NAC 362.006.

2. Paragraph (c) of subsection 7 of NRS 362.120, the Nevada Tax Commission will interpret the term "costs of severing the employment of any employees" to:

(a) Exclude, without limitation, the costs of:
(1) Any wages, salary or production bonuses earned by an employee before the date of termination of his or her employment; and

(2) Any pension benefits, vacation leave and sick leave accrued by an employee before the date of termination of his or her employment; and

(b) Except as otherwise provided in paragraph (a), include, without limitation, the costs of any:
(1) Additional payments based on length of service;

(2) Cash bonuses;

(3) Stock options;

(4) Medical insurance, dental insurance and life insurance;

(5) Payments made in lieu of a required period of notice;

(6) Negotiated financial sums paid pursuant to an agreement absolving the employer from any further liability to an employee;

(7) Voluntary redundancy packages offered by an employer to attract volunteers to leave the employment of the employer; and

(8) Assistance in searching for new positions of employment.

3. Paragraph (f) of subsection 7 of NRS 362.120, the Nevada Tax Commission will interpret the term "mineral exploration" to have the meaning ascribed to it in NAC 362.007.

Added to NAC by Tax Comm'n by R058-11, 12-30-2011, eff. 1-1-2012; A by R058-11, 12-30-2011, eff. 1-1-2014

NRS 360.090, 362.120

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.