43-1140

43-1140. Property factor

The property factor is a fraction, the numerator of which is the average value of
the taxpayer's real and tangible personal property owned or rented and used in this state
during the tax period and the denominator of which is the average value of all the
taxpayer's real and tangible personal property owned or rented and used during the tax
period other than real and tangible personal property used by either:

1. A foreign corporation which is not itself subject to the tax imposed by this
title, unless the corporation is subject to the tax as a member of an Arizona affiliated
group, as defined in section 43-947.

2. An insurance company that is exempt from tax under section 43-1201.