43-1127 - Arizona Statutes

43-1127. Deferred exploration expenses A. The amount of exploration expenses added to Arizona gross income pursuant to section 43-1121, paragraph 8 may be subtracted on a ratable basis as the units of produced ores or minerals discovered or explored by reason of such expenditures are sold. An election made for any taxable year shall be binding for such year. B. If such property is sold, it shall be treated in the same manner and on the same basis as property held for the production of income pursuant to section 43-1021, paragraph 7 or section 43-1022, paragraph 11.