San Diego Gas v. Ador

Summary

The Court held that the statutory calculation of reduced plant in service cost permits a negative valuation when accumulated depreciation exceeds original plant in service cost. That negative valuation must be summed with the separately calculated valuations of other electric-transmission property components in determining full cash value, thereby reducing the overall value but not constituting an "offset" of construction work in progress. The Court affirmed the tax court's summary judgment for San Diego Gas & Electric, vacated specified portions of the court of appeals' opinion, and depublished the remainder.