(a) The assessor may perform audits of the books and records of any owner of racehorses
subject to the tax imposed by this part in the county to determine if the correct
information has been reported and the proper amount of tax has been paid.
(b) In those cases wherein the board determines that an audit would have been required
under Section 469 if the racehorses were subject to property taxation, rather than to the provisions
of this part, the assessor shall perform such audits of the books and records of the
owners of racehorses subject to the tax imposed by this part as the board by rules
and regulations may prescribe.
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