On January 14, 2010, the New York Division of Tax Appeals issued a determination in In re Meredith Corporation, Case No. 822396 (N.Y. Div. of Tax Appeals, Jan. 14, 2010). The Administrative Law Judge held that Meredith – an Iowa corporation engaged in publishing and television broadcasting with no stations located in, or broadcasting into, New York – could not include in its property factor payments for satellite signals made pursuant to licensing agreements. The Administrative Law Judge relied on In re Disney Enterprises, Case No. 818378 (N.Y. Tax Appeals Tribunal, Oct. 13, 2005), confirmed 830 N.Y.S.2d 614 (N.Y. App. Div. 2007), aff’d on other grounds 859 N.Y.S.2d 87 (N.Y. 2008), to determine that the value of an intangible asset cannot be included in the property factor even if the value of that intangible asset derives from tangible personal property.