Kan. Admin. Regs. § 93-8-1 - Definitions
(a) "Bona fide transaction " shall mean a purchase, sale, or
lease of telecommunications machinery and equipment or railroad machinery and
equipment that is made in good faith and without fraud or deceit.
(b) "Fair and valuable consideration " shall mean an amount of
consideration that is not disproportionately small in comparison with the value
of the telecommunications machinery and equipment or railroad machinery and
equipment acquired. This term shall not be considered synonymous with "fair
market value," as defined in K.S.A. 79-503a and amendments thereto, but shall
mean an amount that is more than nominal consideration.
Notes
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