42.25.104    TAXABLE QUANTITY

(1) For purposes of the metalliferous mines license tax all merchantable metals produced during the calendar quarter are reportable and subject to tax. The taxable quantities will normally be determined by the settlement assay agreed to by both the producer and the purchaser. Whenever title to the end product from the smelter or refinery remains with the producer, the reportable quantity will be the actual amounts recovered. No deductions will be allowed from the gross quantity produced. The taxable quantity does not depend on whether the producer receives direct payment for the entire quantity of metals contained in the ore or concentrate or whether a portion of the production is exchanged for smelting and refining services.

(2) Whenever the information needed to determine taxable quantities is not available when the tax return is due, the quantities reported must be based on the best information available on the reporting date. An adjustment must be shown on the next quarterly report correcting any errors in the estimate.

History: Sec. 15-1-201 MCA; IMP, Sec. 15-37-102 and 15-37-104 MCA; NEW, 1988 MAR p. 2506, Eff. 10/14/88.