15-68-211. Nontaxability -- use of property for leasing. The value of leased property is not considered in computing the use tax due if the person holding the property for lease:
(1) is engaged in a business that derives a substantial portion of its receipts from leasing or selling property of the type leased;
(2) does not use the property in any manner other than holding it for lease or sale or leasing or selling it either by itself or in combination with other tangible personal property in the ordinary course of business; and
(3) does not use the property in a manner incidental to the performance of a service.