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The following costs will be excluded in determining net profit share payments due the state:
(1) lease acquisition costs in the form of a cash bonus;
(2) expense of handling, investigating and settling litigation or claims against the state, discharging liens held by the state, paying judgments and amounts for settlement of claims against the state incurred in or resulting from a net profit share lease operation or necessary to protect or recover the net profit share lease property;
(3) any franchise tax, value added tax or any tax based on or measured by net income imposed upon the lessee;
(4) expenses incurred in the preparation and audit of a net profit share payment to the state;
(5) any expense incurred before the effective date of the NPSL; and
(6) net profit share payments to the state.
History: Eff. 11/9/79, Register 72; am 11/19/79, Register 72; am 3/27/82, Register 81
Authority: AS 38.05.020
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Last modified 7/05/2006