Utah Code 59-7-313. Valuation of property for inclusion in property factor
Current as of: 2024 | Check for updates
|
Other versions
(1) Property owned by the taxpayer is valued at its original cost.
Terms Used In Utah Code 59-7-313
- Airline: means the same as that term is defined in Section 59-2-102. See Utah Code 59-7-302
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
(2) Property rented by the taxpayer is valued at eight times the net annual rental rate.
(3) Net annual rental rate is the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.
(4) Property owned or rented by an airline is valued as provided in this section, subject to the calculation required by Subsection 59-7-312(2) .