Laws, Regulations & Annotations

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580.0000 MANDATORY AUDITS

Annotation 580.0001

580.0001 Banks and Insurance Companies. Mandatory audits are determined by adding the full value of personal property, fixed machinery and equipment, and trade fixtures. Although the personal property of banks and insurance companies is exempt, banks and insurance companies whose trade fixtures total $200,000 full value must be audited. LTA 3/25/1980 (No. 80/53).

Note: Stats. 1991, Ch. 1148, in effect October 14, 1991, increased amount from $200,000 to $300,000.