Section 8-110 - Valuation of stock in business.
§ 8-110. Valuation of stock in business.
(a) Definitions.-
(1) In this section the following words have the meanings indicated.
(2) "Fair average value" means the average of the fair value of stock in business for the number of months of a year in which the stock in business was in existence.
(3) "Fair value" means the lesser of the cost or the value of stock in business.
(4) "Stock in business":
(i) means the inventory of a commercial or manufacturing business that is engaged in business in this State; and
(ii) does not include a used motor vehicle of a registered motor vehicle dealer if that vehicle is:
1. titled in this State; and
2. acquired by a dealer as partial payment of the purchase price of another motor vehicle.
(b) Valuation determined.- Stock in business shall be valued to the owner of the stock in business at its fair average value on the date of finality.
[An. Code 1957, art. 81, § 15; 1985, ch. 8, § 2; 1987, ch. 434, § 1.]