Section 489-FF. Average railway revenues and expenses

1. The average
  railway revenues shall  be  determined  for  each  railroad  company  as
  follows:
    (a)  Ascertain  so  far  as may be practicable the revenues which such
  railroad company is entitled to receive from transportation service  and
  from  operations  incident thereto and from rents derived from property,
  other than transportation equipment, used for  transportation  purposes,
  and either increase that amount by the net rental receivable or decrease
  it by the net rental payable for the possession or use of transportation
  equipment;
    (b)  Average the revenue ascertained pursuant to paragraph (a) of this
  subdivision for the most recent five fiscal years ending  on  or  before
  the   last   day   of   December  immediately  preceding  the  tentative
  determination of the railroad ceiling. If a railroad company shall  have
  operated for less than such five years, then average the revenue for the
  number  of  years  of  operation  immediately  preceding  the  tentative
  determination of the railroad ceiling. The result shall be  the  average
  railway revenues.
    2.  The average railway expenses shall be determined for each railroad
  company as follows:
    (a) Ascertain so far as may be practicable the  expenses  incurred  in
  furnishing  transportation  service  and in operations incident thereto,
  including the expense of rents on and maintenance  and  depreciation  of
  the  property  used  in the service and taxes for old-age retirement and
  unemployment insurance but excluding all other taxes;
    (b) Average the expenses ascertained pursuant to paragraph (a) of this
  subdivision for the most recent five fiscal years ending  on  or  before
  the   last   day   of   December  immediately  preceding  the  tentative
  determination of the railroad ceiling.  If a railroad company shall have
  operated for less than such five years, then average  the  expenses  for
  the  number  of  years  of operation immediately preceding the tentative
  determination of the railroad ceiling. The result shall be  the  average
  railway expenses.
    3.  If  on  the effective date of this title, the major portion of the
  property of a railroad company and the management and  control  of  such
  company  are  located  outside  of  the territorial limits of the United
  States, the average railway  revenues  and  expenses  of  such  railroad
  company  shall  consist  of  the  revenues and expenses as defined above
  attributable to transportation operations in the United States.
    4. In making determinations under this section, the state board  shall
  consider  the  information  contained  in  the  income,  profit and loss
  statements and other financial statements of each railroad company filed
  with the interstate commerce  commission,  and  the  accounting  records
  maintained  by  such  railroad  company  in  accordance with the uniform
  system of accounts for railroad companies prescribed by  the  interstate
  commerce  commission. The state board may consider information available
  from the commissioner  of  transportation  or  other  regulatory  agency
  having  jurisdiction over the accounts of such railroad company, as well
  as information available from other sources, including reports  required
  pursuant  to  section  four  hundred eighty-nine-nn of this chapter, and
  such other information as may be available to it.