Sec. 85.8. Exception

Notwithstanding the provisions of section 85.1 of this Part, an application for a determination that an aircraft acquired before the effective date of section 1301(a)(19) and before the effective date of this Part shall be allowed as an aircraft admitted asset if, not later than 45 days after the effective date of this Part an application for such determination is filed with the superintendent for prior written approval. The admitted asset value shall be allowed in the December 31, 1977 and subsequent annual statements, and shall be based upon the depreciated cost permitted by section 85.4 of this Part calculated from the date of purchase.