Section 50IAC9-1-3. "Equipment" defined

   (a) Except as provided in subsection (b), as used in this rule [50 IAC 9-1], "equipment" means a mobile or fixed unit of furniture or furnishings, a machine, an apparatus, an article, or a set of articles that meets all of the following conditions:

(1) It retains its original shape and appearance with use.

(2) It is non-expendable, which means that if the article is damaged or some of its parts are lost or worn out, it is usually more feasible to repair it than to replace it with an entirely new unit.

(3) It represents an investment of money that makes it feasible and advisable to capitalize the item.

(4) It does not lose its identity through incorporation into a different or more complex unit or substance.

  (b) As used in this rule [50 IAC 9-1], "equipment" does not include:

(1) a vehicle subject to licensing under IC 9; or

(2) a musical instrument that typically is transportable by a student between home and school.

(Department of Local Government Finance; 50 IAC 9-1-3; filed Jul 12, 1988, 5:00 pm: 11 IR 4071)