Leased Property, When Included in the Property Factor, Usually Is

question 114

Short Answer

Leased property, when included in the property factor, usually is valued at ____________________ times its annual rental, even though the taxpayer does not own the asset.
or

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Definitions:

Tenth Amendment

An amendment to the U.S. Constitution that emphasizes the federal system of government by stating powers not given to the federal government nor prohibited to the states by the Constitution are reserved for the states or the people.

Reserved Powers

Denotes powers that are not explicitly delegated to the national government by the constitution, thus remaining with the state governments.

First Amendment

An amendment to the U.S. Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition.

Absolute Rights

Fundamental rights that are universally recognized and protected, often considered inherent to human dignity and not subject to being taken away or abridged by laws.