Nev. Admin. Code § 362.035 - Deductions: Interpretation of certain statutory terms

For the purposes of:

1. Paragraph (k) of subsection 3 of NRS 362.120, the Nevada Tax Commission will interpret the term "developmental work" to have the meaning ascribed to it in NAC 362.006.

2. Paragraph (c) of subsection 7 of NRS 362.120, the Nevada Tax Commission will interpret the term "costs of severing the employment of any employees" to:

(a) Exclude, without limitation, the costs of:

(1) Any wages, salary or production bonuses earned by an employee before the date of termination of his or her employment; and

(2) Any pension benefits, vacation leave and sick leave accrued by an employee before the date of termination of his or her employment; and

(b) Except as otherwise provided in paragraph (a), include, without limitation, the costs of any:

(1) Additional payments based on length of service;

(2) Cash bonuses;

(3) Stock options;

(4) Medical insurance, dental insurance and life insurance;

(5) Payments made in lieu of a required period of notice;

(6) Negotiated financial sums paid pursuant to an agreement absolving the employer from any further liability to an employee;

(7) Voluntary redundancy packages offered by an employer to attract volunteers to leave the employment of the employer; and

(8) Assistance in searching for new positions of employment.

3. Paragraph (f) of subsection 7 of NRS 362.120, the Nevada Tax Commission will interpret the term "mineral exploration" to have the meaning ascribed to it in NAC 362.007.

Notes

Nev. Admin. Code § 362.035

Added to NAC by Tax Comm'n by R058-11, 12-30-2011, eff. 1-1-2012; A by R058-11, 12-30-2011, eff. 1-1-2014

NRS 360.090, 362.120