44-105 DIFFERENTIATION OF PROPERTY AND INCOME

.1 (Repealed by Manual Letter No. 82-26, effective 04/02/82.)

.2 (Repealed by Manual Letter No. 82-26, effective 04/02/82.)

.3 Payments Which Include Compensation for Converted Property

.31 Payments which include compensation for converted property are those payments received from insurance companies, settlements, court judgments, or other similar sources which wholly or partially compensate for property which has been lost, stolen, damaged, or destroyed.

.32 The proper treatment of such payments is made by determining the proportion of the payment attributable to the property conversion and to treat the remainder as income. This determination is made by subtracting from the total amount of the payment, the value of the converted property at the time it was lost, stolen, damaged, or destroyed.

The value of the converted property shall be the largest of the following amounts:

(1) The value specified by the issuing source (insurance claim, specified verdict, etc.).

(2) The value assigned to the property at the last redetermination prior to its destruction.

(3) The value that would have been assigned to the property under current regulations (e.g., the value of a motor vehicle in accordance with 42-215.4).

(4) Any other evidence substantiating the value of the property at the time it was lost, stolen, damaged, or destroyed.

.33 The portion of the payment which compensates for converted property shall be treated in accordance with Section 42-213.

.34 Any remainder shall be treated in accordance with Section 44-113.

STANDARDS OF ASSISTANCE