Oklahoma § 62-120.4 - Property accounts
Full text of Oklahoma Oklahoma Statutes § 62-120.4 — Property accounts, with citation guidance and answers to common questions.
§ 62-120.4. Property accounts
The property accounts set up, maintained and kept as provided by
law, for tangible property and equipment, other than expendable
supplies, shall be maintained on cost basis, representative of
capital values of invested state monies, and never charged with
appreciation nor credited with depreciation; but on sale or exchange
and reacquisition of properties of comparable function as
hereinbefore provided, the capital account thereof shall be credited
with the first or capital cost of the item disposed of and charged
with the gross cost of the substitute item acquired; unless and
until the Legislature shall require that the depleted or depreciated
value shall be charged to expense.
Laws 1949, p. 419, § 4.
Frequently Asked Questions About Oklahoma § 62-120.4
What does Oklahoma Statutes § 62-120.4 cover?
Section 62-120.4 ("Property accounts") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 62-120.4?
A common citation format is "Oklahoma Statutes § 62-120.4" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 62-120.4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.