For purposes of AS 43.55.023(a), (n), and (o), if an expenditure incurred by a producer or explorer during a calendar year is an outlay for work-in-progress with respect to an asset the cost of which is treated as a capitalized expenditure under 26 U.S.C. (Internal Revenue Code), as amended, regardless of elections made under 26 U.S.C. 263(c) (Internal Revenue Code), as amended, the fact that the asset is not placed in service until a later calendar year does not prevent the expenditure from constituting a qualified capital expenditure.

(Eff. 5/3/2007, Register 182; am 9/14/2012, Register 203)

Authority: AS 43.05.080, AS 43.55.023, AS 43.55.110