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received in exchange would be considered an excludable resource under 7 AAC 40.280;

(7) evidence that, if the transfer had not occurred, the transferred resource would not have caused the assistance unit’s countable resources as determined under 7 AAC 45.270 — 7 AAC 40.290 to exceed the resource limit under 7 AAC 45.270 in the month following the transfer;

(8) evidence that the individual was not receiving assistance at the time of the transfer and did not anticipate applying for assistance within the potential period of disqualification under this section. (b) A transfer is grounds for denial of assistance under (a) of this section if the transfer is

(1) not one approved by the Social Security Administration (SSA), or by the division under 7 AAC 40.290; and

(2) one that would make an applicant ineligible for SSI benefits under 42 U.S.C. 1382b(c), as revised as of December 14, 1999, which is adopted by reference. (c) A transfer is not grounds for denial of assistance under (a) of this section if the transfer is one that

(1) has been approved by the SSA or the division; and

(2) as provided in 42 U.S.C. 1382b(c), as revised as of December 14, 1999, would not make the applicant ineligible for assistance. (d) The division will establish the period for which assistance is denied under (a) of this section by determining the uncompensated value of the resource disposed of and dividing that amount by the amount of maximum monthly assistance payable under 7 AAC 40.370(c). The resulting quotient, rounded, in case of a fraction, to the nearest whole number, represents the number of months for which the applicant is ineligible for assistance, up to a maximum of 36 months. (e) For purposes of this section,

(1) “fair market value” of a resource means the equity value that would be assigned to the resource if the resource were available to the applicant in the month following the transfer of the resource;

(2) “transfer” includes assignment. (Eff. 10/1/2001, Register 159) Statutory Authority: Authority: AS 47.05.010 AS 47.25.430 AS 47.25.460