§10782. Requirements for establishing value

(a) In carrying out an investigation of a common carrier required under section 10781 of this title, the Interstate Commerce Commission shall-

(1) establish, for each piece of property except land owned or used by the carrier as a common carrier, the original cost to date, cost of reproduction new and cost of reproduction less depreciation, and analyze the methods used to establish those costs and the reasons for differences among them;

(2) establish other values, and elements of value, of that property and analyze the methods used to establish them and the reasons for differences between them and the cost values established under clause (1) of this subsection;

(3) establish separately from improvements, the original cost on the date of dedication to public use, of all lands, rights of way, and terminals owned or used by the carrier as a common carrier and establish their current value;

(4) identify property not held by the carrier as a common carrier, its original cost, and current value and analyze the methods of valuation used;

(5) establish the amount and value of assistance or grant of right of way made to the carrier, or to a previous corporation that operated its property, by the United States Government or by a State, county, or municipal government, or by an individual, association, or corporation and the amount and value of any concession and allowance made by the United States Government or another of those governments in consideration of that assistance; and

(6) identify the grants of land to that carrier, or to a previous corporation that operated its property, by the United States Government, or by a State, county, or municipal government, the amount of money derived from the sale of part of those grants, the value of the unsold parts (established as of the date acquired and currently), and the amount and value of any concession and allowance made by the carrier to the United States Government, or another of those governments, in consideration of that assistance or grant of land.

(b) The Commission may prescribe elements to consider in establishing the cost to date of property owned or used by a carrier. However, in establishing that cost, the Commission shall investigate and include in those elements-

(1) the history and organization of the corporation that currently operates the property and of previous corporations that also operated that property;

(2) increases or decreases of securities during reorganization of that corporation or such a previous corporation;

(3) money received through the issuance of securities by that corporation or such a previous corporation;

(4) syndicating, banking, and other financial arrangements under which those securities were issued and the expenses thereof;

(5) the net and gross earnings of those corporations; and

(6) the expenditure of all money and the purposes of those expenditures in as much detail as the Commission determines to be necessary.

( Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1399 .)

In subsection (a), the words "First.", "Second.", "Third.", "Fourth.", and "Fifth." are omitted as unnecessary in view of the restatement. The words "investigation of a common carrier required under section 10781 of this title" are substituted for "In such investigation" as being more precise. The word "establish" is substituted for "ascertain" for clarity. The words "report" and "report in detail" are omitted as surplus in view of the requirement that the Commission report under section 10781 of the revised title. The words "analyze the methods used" are substituted for "and an analysis of the methods by which" for clarity. The words "The Commission shall in like manner . . . and report separately" are omitted as unnecessary in view of the restatement.

In subsection (a)(3), the words "establish separately" are substituted for "state in detail and separately" for clarity and consistency.

In subsection (a)(4), the word "identify" is substituted for "show separately" for clarity. The word "current" is substituted for "present" as being more appropriate.

In subsection (a)(5) and (6), the word "assistance" is substituted for "aid, gift, . . . donation" as being inclusive. In subsection (a)(5), the words "grant of right-of-way" are retained because they refer to an interest in land. In subsection (a)(6), the word "part" is substituted for "portion" for consistency. The word "also" is omitted as surplus.

In subsection (b), the words "The Commission may prescribe elements to consider in establishing" are substituted for "to such other elements as it may deem necessary" for clarity. The words "in addition" are omitted as surplus. The words "as the Commission determines to be necessary" are substituted for "in such detail as may be determined by the Commission" for clarity.

Section Referred to in Other Sections

This section is referred to in section 10781 of this title.