Utah Code Title 59. Revenue and Taxation § 59-5-103.1. Valuation of oil or gas--Deductions

(1)(a) For purposes of the tax imposed under Section 59-5-102 and subject to Subsection (2), the value of oil or gas shall be determined at the first point closest to the well at which the fair market value for the oil or gas may be determined by:

(b) For purposes of determining the fair market value of oil or gas under this Subsection (1), a person subject to a tax under Section 59-5-102 may deduct:

(c) The deduction for transportation costs may not exceed 50% of the value of the oil or gas.

(a) a parent company and a subsidiary company;

(b) companies wholly owned or partially owned by a common parent company; or

(c) companies otherwise affiliated.