| (1) |
A nonrefundable individual income tax credit is allowed as provided in Section 59-10-1028 related to a capital gain on a transaction involving the exchange of one form of legal tender for another form of legal tender. |
Terms Used In Utah Code 59-1-1503
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- specie legal tender: means gold or silver coin that is issued by the United States. See Utah Code 59-1-1501.1
| (2) |
Sales of currency or coin are exempt from sales and use taxes as provided in Subsection 59-12-104(50). |
| (3) |
The remittance of a sales and use tax on a transaction involving specie legal tender is as provided in Section 59-12-107. |
Amended by Chapter 399, 2012 General Session
