§ 26-26-908 - Property converted into nontaxable securities.
26-26-908. Property converted into nontaxable securities.
(a) If any person shall have converted moneys, credits, or other personal property in the year preceding January 1 of the year in which he is required to assess his property into bonds or other securities of the United States or this state not taxed, and shall hold or control the bonds or securities when he is required to list his property, he shall list the monthly average value of the moneys, credits, or other property held or controlled by him.
(b) Any indebtedness of the persons represented by him, created by investment in the bonds or other securities, shall not be deducted from the amount of credits in making up his list for taxation.