Utah Code Title 59. Revenue and Taxation § 59-7-313. Valuation of property for inclusion in property factor

(1) Property owned by the taxpayer is valued at its original cost.

(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).