54:10A-5.12. Maintenance of records
9. a. A taxpayer that claims credit under this act shall maintain sufficient records to establish the following facts for each item of qualified property:
(1) its identity;
(2) its actual or reasonably determined cost;
(3) its straight-line depreciation life;
(4) the month and tax year in which it was placed in service;
(5) the amount of credit taken; and
(6) the date it was disposed of or otherwise ceased to be qualified property.
b. A taxpayer that does not keep records required for identification of investment credit property shall be treated as having disposed of, during the tax year, any investment credit property which the taxpayer cannot establish was still on hand in this State at the end of that year.
c. If a taxpayer cannot establish when investment credit property reported for purposes of claiming this credit during a tax year was placed in service, the taxpayer shall be treated as having placed it in service in the most recent prior year in which similar property was placed in service unless the taxpayer can establish that the property placed in service in the most recent year is still on hand. In that event, the taxpayer shall be treated as having placed the property in service in the next most recent year.
L.1993,c.170,s.9.
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