West Virginia Code 11-13EE-10 – Transfer of qualified investment property to successors
(a) Mere change in form of business. — Machinery and equipment may not be treated as disposed of under §11-13EE-9 of this article, by reason of a mere change in the form of conducting the business as long as the machinery and equipment is retained in the successor business in this state, and the transferor business retains a controlling interest in the successor business. In this event, the successor business is allowed to claim the rebate amount of credit still available with respect to the machinery and equipment transferred, and the transferor business may not be required to redetermine the amount of rebate allowed in earlier years.
Terms Used In West Virginia Code 11-13EE-10
- Controlling interest: means :
(A) For a corporation, either more than 50 percent ownership, directly or indirectly, of the total combined voting power of all classes of stock of the corporation, or more than 50 percent ownership, directly or indirectly, of the beneficial ownership interest in the voting stock of all classes of stock of the corporation. See West Virginia Code 11-13EE-2
- mine: includes :
(A) A "surface mine" or "surface mining operation" which means:
(i) Activities conducted on the surface of lands for the removal of coal, or, subject to the requirements of §. See West Virginia Code 11-13EE-2
- Rebate: means the amount of rebate allowable under §. See West Virginia Code 11-13EE-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- This state: means the State of West Virginia. See West Virginia Code 11-13EE-2
(b) Transfer or sale to successor. — Machinery and equipment is not treated as disposed of under §11-13EE-11 of this article by reason of any transfer or sale to a successor business which continues to operate machinery and equipment at the mine in this state at which the machinery and equipment was first placed in service or use. Upon transfer or sale, the successor shall acquire the amount of rebate, if any, that remains available under this article, and the transferor business is not required to redetermine the amount of rebate allowed in earlier years.