Utah Tax Commission Adjusts Gaming Business Property Tax Assessment

The Utah State Tax Commission has ruled that the personal property tax assessment for a computer gaming business, owned by the taxpayer during the relevant years, should be modified. The adjustment removes a line item related to the taxpayer’s purchase of the business from a former partner. This purchase did not involve any new tangible personal property that was not already an asset of the business. The Commission determined that including the $50,000 purchase price as a new personal property acquisition resulted in a double-counting of assets that had already been acquired. However, the Commission stated that it did not ...