WatsonCogeneration Co. v. County of LA,

The Court also based its rationale on the fact that the powerplant was developed as a result of favorable government incentives.Therefore, the Court held that it was appropriate for the assessorto consider the effect of the power contract on the plant's actualincome stream.

This case marks a considerable departure from the general ruleexcluding intangible rights and assets, such as above-marketcontracts, from assessment and may open the door to furtherinclusions.

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