§ 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.

HISTORY: An. Code 1957, art. 81, § 15; 1985, ch. 8, § 2; 1987, ch. 434, § 1.