77-118 Nebraska adjusted basis, defined. - Nebraska Statutes

77-118. Nebraska adjusted basis, defined.Nebraska adjusted basis shall mean the adjusted basis of property as determined under the Internal Revenue Code increased by the total amount allowed under the code for depreciation or amortization or pursuant to an election to expense depreciable property under section 179 of the code. SourceLaws 1992, LB 1063, § 47; Laws 1992, Second Spec. Sess., LB 1, § 46; Laws 1995, LB 574, § 63. AnnotationsThe basis as defined by section 1012 of the Internal Revenue Code in turn composes the Nebraska adjusted basis under this section, which then composes the net book value under subsection (1) of section 77-120. Mid City Bank, Inc. v. Douglas Cty. Bd. of Equal., 260 Neb. 282, 616 N.W.2d 341 (2000).Under section 1012 of the Internal Revenue Code, the basis of property is its cost to the taxpayer. Pfizer Inc. v. Lancaster Cty. Bd. of Equal., 260 Neb. 265, 616 N.W.2d 326 (2000).