BEFORE THE STATE TAX
COMMISSION OF UTAH
_____________________________________
XXXXX,
Petitioner, :
v. : ORDER OF APPROVAL
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 86 1552
STATE TAX
COMMISSION OF UTAH, )
Respondent. :
_____________________________________
STATEMENT OF CASE
This
is an appeal to the Utah State Tax Commission from the XXXXX assessment of the
subject property by the Property Tax Division of the Utah State Tax Commission
(Respondent). XXXXX (Petitioner)
asserted that the subject property should have a lower taxable value as of the
lien date, XXXXX.
Petitioner
and Respondent agreed to the following facts:
XXXXX supplied erroneous information to the Tax Commission because of a
problem of recognition of suspense revenue that was inherited during the XXXXX
purchase. This suspense revenue is
revenue owed to royalty owners but which has not been paid to them for reasons
such as a change of name or address of the royalty owner. When XXXXX and XXXXX entered a sale
agreement, XXXXX was given the responsibility of the suspense revenue. XXXXX needed to recognize the funds in order
to pay the money out so XXXXX listed the funds as revenue under the specific
royalty owner's name. This revenue had
already been reported during the actual year sold and had already been taxed
under XXXXX.
The
original and proposed values are as follows:
Original Adjusted
Assessment Assessment
Value of Oil & Gas $$$$$ $$$$$
Personal
Property $$$$$ $$$$$
TOTAL $$$$$ $$$$$
The
difference amounts to $$$$$. The
difference multiplied by the tax rate of 0.011194 results in a downward tax
dollar adjustment of $$$$$. XXXXX
County had standing to object to the assessment of the subject property
pursuant to Utah Code Ann. §59-7-12 (1953).
XXXXX County elected not to show cause.
ORDER
The
Tax Commission, after reviewing the proposed adjusted assessment, hereby
accepts the adjusted assessment in lieu of a Formal Hearing and finds the
taxable value of the subject property as of XXXXX, to be set forth above.
The
original assessment by the Property Tax Division of the Utah State Tax
Commission is therefore set aside and the Property Tax Division is ordered to
adjust its books in accordance with this decision.
DATED
this 4 day of February, 1987.
BY ORDER OF THE STATE TAX COMMISSION OF UTAH.
ABSENT
R. H. Hansen Roger
O. Tew
Chairman Commissioner
Joe B.
Pacheco G.
Blaine Davis
Commissioner Commissioner