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Explanation: "Because the value of property is constantly changing, it is necessary to have some fixed time for setting value. The Act provides that property is valued as of the date the parties separate. For example, assume John's red sports car had a fair market value of $15,000 at date of separation, and that he owed $12,000 on the car, with a resultant net value of $3,000."
"There shall be deducted from the gross ascertained value such sum as the auditors to the Union shall certify as representing all liabilities of the Union incurred or due in respect of the period prior to the date of unification and unpaid at that date, calculated in accordance with the accounting policies of the Union and generally accepted accounting principles (the resultant net value being referred to in this section as "the net ascertained value")."