The property factor is a fraction, the numerator of which is the average value of the business entity's real and tangible personal property owned or rented and used in the trade or business in this state during the taxable year and the denominator of which is the average value of all the business entity's real and tangible personal property owned or rented and used in the trade or business during the taxable year. Property owned by the business entity is valued at its original cost.
Property rented by the business entity is valued at eight times the net annual rental rate.
In the case of delivery of tangible personal property by common carrier or other means of transportation, the place at which such property is ultimately received after all transportation has been completed shall be considered as the place at which such property is received by the purchaser. An alternative method will be effective only with approval of the tax commissioner. A.V.V. Inc. All rights reserved.