1. (a) The percentage age of the taxpayer's real property, tangible personal property and intangible assets within New York State used in connection with interstate and/or foreign transmission services is determined by dividing the average value of such property within New York State by the average value of all such property within and without New York State. Such property should be included only for the period covered by the return. In determining this percentage, real property and tangible personal property shall include real property and tangible personal property owned by the taxpayer, and real property and tangible personal property rented to the taxpayer.
2. (b) For purposes of the property factor, value means the cost of such property or assets without allowance for depreciation or amortization. After determining the cost of the real property, tangible personal property and intangible assets, the average value of such property and assets is computed on a quarterly basis. At the option of the taxpayer, a more frequent basis such as monthly, weekly or daily may be used. The average value of real property and tangible personal property rented to the taxpayer must be determined in accordance with the provisions of section 41.6 of this Part. The same method of valuation must be used consistently with respect to property within and without New York State.

3. (c) A proportionate part of extraterrestrial property, such as communications satellites, used in connection with interstate and/or foreign transmission services is deemed to be located within New York State. The proportionate part of the taxpayer's extraterrestrial property within New York State used in connection with interstate and/or foreign transmission services is determined by:

   1. (1) ascertaining the average value of satellite repeater facilities, earth stations, or other satellite communications facilities within New York State used in connection with interstate and/or foreign transmission services;
   2. (2) ascertaining the average value of satellite repeater facilities, earth stations, or other satellite communications facilities within and without New York State used in connection with interstate and/or foreign transmission services;
   3. (3) dividing the sum computed in paragraph (1) of this subdivision by the sum computed in paragraph (2); and
   4. (4) multiplying the quotient computed in paragraph (3) of this subdivision by the average value of all extraterrestrial property within and without New York State.
4. (d) Real property and tangible personal property, other than extraterrestrial property, shall be determined to be located within or without New York State on the basis of the location of the real property and tangible personal property owned or rented. Tangible personal property of the taxpayer is considered to be within New York State if and so long as it is physically situated or located in New York State, even though it may be stored in a bonded warehouse. Property of the taxpayer held in New York State by an agent, consignee or factor is considered to be situated or located within New York State. Property in transit between locations of the taxpayer is considered to be at its destination for purposes of the property factor. Property in transit between a buyer and a seller which is included by a taxpayer in the denominator of its property factor in accordance with its regular accounting practices is included in the numerator of its property factor if its destination is New York State. Intangible assets shall be deemed to be within or without New York State by allocating such intangible assets to the commercial domicile of the taxpayer.
5. (e) The term tangible personal property means corporeal personal property, such as machinery, tools, implements, goods, wares and merchandise. It does not mean money, deposits in bank, shares of stock, bonds, notes, credits or evidences of any interest in property and evidence of debt. Intangible assets include, but are not limited to, such items as patents, franchises and copyrights.

Tax Law, § 184.4(d)