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(b) A payment assistance application must contain a complete and accurate disclosure of income and resources, including, for the applicant and for the applicant’s spouse,

(1) a description, including location, of all real property owned in whole or in part, whether inside or outside the state, during the preceding 36 months;

(2) a description, including location, of all major resources other than real property owned in whole or in part during the preceding 36 months, including automobiles, boats, airplanes, jewelry, cash, stocks, bonds, notes, livestock, and major equipment;

(3) a listing of the amount and sources of all income that might be received while the applicant is a resident or recipient;

(4) copies of federal income tax filings for the preceding three years; and

(5) the number, location, and contents of all savings, checking, brokerage, or other accounts and safe-deposit boxes held either individually or jointly during the preceding 36 months. (c) A resident’s or a recipient’s income and resources, up to the full amount of the income and resources if necessary, must be applied to the appropriate monthly or daily rate established by 7 AAC 74.025 and to ancillary charges. However, the value of the following items held by a resident or recipient is exempt for the purpose of determining eligibility for payment assistance:

(1) any income or asset listed in AS 47.55.020(d)(1) — (10), subject to the following:

(A) for purposes of AS 47.55.020(d)(1), the amount to be exempted is $300 a month;

(B) for purposes of AS 47.55.020(d)(2)(A), the amount to be exempted is $2,500;

(C) for purposes of AS 47.55.020(d)(7), sufficient burial provisions for the resident or recipient and the resident’s or recipient’s spouse or dependent include burial insurance, a specific account designed for burial expenses with a value up to $4,500 for each person, or a combination of insurance and a specific account;

(D) for purposes of AS 47.55.020(d)(8), and (9), for a resident or recipient with a spouse or dependent,