1. (1) The income indicator may be determined by consideration of one or more of the following methods depending on the department's analysis of the future earning capacity of the company:

   1. (a) capitalization of the company's historic income or average of historic incomes;
   2. (b) capitalization of a projected level of income;
   3. (c) discounted cash flow analysis;
   4. (d) other accepted method.
2. (2) The capitalization rate utilized will be determined by the band of investment theory or other accepted methodology.

Authorizing statute(s): 15-23-108, MCA

Implementing statute(s): 15-23-101, MCA

History: NEW, Eff. 12/4/76; AMD, 1984 MAR p. 2041, Eff. 12/28/84.