Terms Used In Montana Code > Title 15 > Chapter 23 > Part 2 - Railroads

• Base value: means , except as provided in subsection (1)(b), the system value of railroad transportation property of a railroad in the preceding tax year. See Montana Code 15-23-203
• Capitalization rate: means the capitalization rate reported by the surface transportation board, provided for in 49 U. See Montana Code 15-23-203
• Change in earnings: means the value determined by dividing the average earnings for the 5 years immediately preceding the current tax year by the average earnings for the 5 years immediately preceding the previous tax year. See Montana Code 15-23-203
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Customary: means according to usage. See Montana Code 1-1-206
• Earnings: means income realized before deducting depreciation, interest expenses, lease expenses, and taxes. See Montana Code 15-23-203
• Gross profit margin: means the ratio of earnings to operating revenue. See Montana Code 15-23-203
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Leased property: means property that is subject to an agreement that transfers the use of the property to the lessee during the term of the lease and that is not capitalized on the lessee's balance sheet. See Montana Code 15-23-203
• Lien: A claim against real or personal property in satisfaction of a debt.
• Operating revenue: means the amount of money that the railroad is entitled to receive or that accrues to its benefit from services rendered in transporting property or persons by rail. See Montana Code 15-23-203
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Property: means real and personal property. See Montana Code 1-1-205
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• System cost: means the total depreciated cost of all railroad transportation property, including leased property within the state and outside the state. See Montana Code 15-23-203
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201