Opinion ID: 1291283
Heading Depth: 4
Heading Rank: 1

Heading: Definition of Intangible for Tax Purposes

Text: ¶ 29 The Commission determined in its ruling on the motions for partial summary judgment and subsequent decisions that intangible property, intangible assets, and intangible value are all exempt from taxation under Utah law. WilTel agrees, but the Counties maintain that intangible property should be limited to property that is capable of being separately owned, used, transferred, or merely held, and that nonproperty intangibles are simply elements of value associated with another asset. However, that argument is refuted by Utah Code Ann. § 59-2-102(19) (Supp.1995): Property means property which is subject to assessment and taxation according to its value, but does not include moneys, credits, bonds, stocks, representative property, franchises, goodwill, copyrights, patents or other intangibles. (Emphasis added.) The Commission correctly ruled that the terms intangible property, intangible asset, and intangibles are synonymous, and all intangibles are tax-exempt. We affirm that ruling.