Wyo. Code R. 002-0024-4
Effective Date: 06/27/2019 to Current
Rule Type: Current Rules & Regulations
Reference Number: 002.0024.4.06272019
(a) 'Assessed value' is the taxable value of an asset subject to a Wyoming ad valorem tax as defined by W.S. 39-11-101(a)(i) as shown on the annual assessment schedule prepared by the County Assessor. Generally, assets which have an assessed value are reported on line 10 (buildings and other depreciable assets) and line 12 (land) on a corporation's balance sheet.
(b) 'Balance sheet value' is the end of tax year value of an asset entered on the company's balance sheet. Balance sheet value shall be reported as contemplated in W.S. 17-16-1630 which states:
(i) 'Financial information' in the annual report shall be current as of the end of the corporation's fiscal year immediately preceding the date the annual report is executed on behalf of the corporation.
(c) 'Capital, property and assets' does not include the value of the corporation's stock, net worth, or the net equity of the corporation. Capital, property and assets means 'total assets' from the company's balance sheet (similar to line 15 of Schedule L of IRS Form 1120 or 1120S, as the form existed at the time these rules became effective) for the year most recently ended with three EXCEPTIONS:
(i) For 'Depreciable assets' (line 10) use the assessed value for any asset having an assessed value (buildings or improvements) and use balance sheet value less accumulated depreciation for assets with no assessed value. Depreciation shall not be deducted from 'assessed value.'
(ii) For 'Depletable assets' (line 11) like soda, coal, mineral oil, silver or gold, use the 'assessed value' of the gross product from the mine or mining claim (amount shown on Wyoming State Department of Revenue annual gross products tax return), not the balance sheet value.
(iii) For 'Land' (line 12) use the assessed value not the balance sheet value.
(a) The worksheet which discloses proprietary information is not a public record under the Public Records Act and therefore is not disclosable to the public.
(b) The license tax paid appearing on page one of the secretary of state's annual report form is public record and will be disclosed.
(a) Annual reports may only be filed within one hundred-twenty (120) days of the due date.
(b) If a business entity fails to pay its annual report by the due date, it shall be deemed delinquent for a period of sixty (60) days, after which the entity shall be administratively dissolved.
Section 4. Revocation of Exemption from Annual Reports. When the secretary of state receives notice from the banking commissioner regarding a bank or savings and loan association or from the insurance commissioner regarding an insurance company that the entity is no longer engaged in their respective annual-report exempt business, the secretary of state shall remove the entity’s exemption from filing annual reports with the secretary of state under W.S. 17-16-1630 and provide notice to the affected entity.