Neb. Rev. Stat. » Chapter 77
Nebraska Revised Statutes

Neb. Rev. Stat. § 77-118 (2026)

Nebraska adjusted basis, defined; trade in of property; how treated

✓ current as of July 2026
Find cases: SyfertCases citing this section NE-LEGnebraskalegislature.gov JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

(1) Nebraska adjusted basis shall mean the adjusted basis of property as determined under the Internal Revenue Code increased by the total amount allowed under the code for depreciation or amortization or pursuant to an election to expense depreciable property under section 179 of the code.

(2) For purchases of depreciable personal property occurring on or after January 1, 2018, if similar personal property is traded in as part of the payment for the newly acquired property, the Nebraska adjusted basis shall be the remaining federal tax basis of the property traded in, plus the additional amount that was paid by the taxpayer for the newly acquired property.

Notes of Decisions
Cited in 3 cases, 2000–2016 · leading case: Stewart v. Nebraska Dept. of Rev., 885 N.W.2d 723 (Neb. 2016).
Sort: Relevance Newest Treatment
Stewart v. Nebraska Dept. of Rev., 885 N.W.2d 723 (Neb. 2016). · cites it 2× “1010 allowed the county board of equalization to adjust property values for state tax purposes to reflect the federal valuation of the property.”
Pfizer Inc. v. Lancaster Cnty. Bd. of Equalization, 616 N.W.2d 326 (Neb. 2000). · cites it 7× “§ 77-122 (Reissue 1996) and that the property must therefore be valued at its net book value as defined by Neb. Rev. Stat. §§ 77-118 and 77-120 (Reissue 1996).”
Mid City Bank, Inc. v. Douglas Cnty. Bd. of Equalization, 616 N.W.2d 341 (Neb. 2000). · cites it 6× “§ 338, (3) that the TERC erred in concluding that the transfer was a purchase of assets and liabilities and not simply a transfer of stock, and (4) that the TERC erred in its interpretation of Neb. Rev. Stat. §§ 77-118 and 77-120 (Reissue 1996) and 77-201 (Cum.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.