Kan. Admin. Regs. § 93-7-1 - Definitions
Current through Register Vol. 40, No. 39, September 30, 2021
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93-7-1. Definitions. (a) "Bona fide transaction" shall mean a purchase, sale, or lease of commercial and industrial 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 commercial and industrial 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. (Authorized by and implementing L. 2006, Ch. 205, §1; effective Jan. 19, 2007.)