Utah Code 59-10-1028. Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender
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(1) As used in this section:
Terms Used In Utah Code 59-10-1028
- claimant: means a resident or nonresident person that has state taxable income. See Utah Code 59-10-1002
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- estate: means a nonresident estate or a resident estate that has state taxable income. See Utah Code 59-10-1002
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- tax credit: means a tax credit that a claimant, estate, or trust may:(3)(a) claim:(3)(a)(i) as provided by statute; and(3)(a)(ii) in an amount that does not exceed the claimant's, estate's, or trust's tax liability under this chapter for a taxable year; and(3)(b) carry forward or carry back:(3)(b)(i) if allowed by statute; and(3)(b)(ii) unless otherwise provided in statute, to the extent that the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter for a taxable year. See Utah Code 59-10-1002
- trust: means a nonresident trust or a resident trust that has state taxable income. See Utah Code 59-10-1002
(1)(a) “Capital gain transaction” means a transaction that results in a:(1)(a)(i) short-term capital gain; or(1)(a)(ii) long-term capital gain.(1)(b) “Long-term capital gain” is as defined in Section 1222, Internal Revenue Code.(1)(c) “Long-term capital loss” is as defined in Section 1222, Internal Revenue Code.(1)(d) “Net capital gain” means the amount by which the sum of long-term capital gains and short-term capital gains on a claimant‘s, estate‘s, or trust‘s transactions from exchanges made for a taxable year of one form of legal tender for another form of legal tender exceeds the sum of long-term capital losses and short-term capital losses on those transactions for that taxable year.(1)(e) “Short-term capital loss” is as defined in Section 1222, Internal Revenue Code.(1)(f) “Short-term capital gain” is as defined in Section 1222, Internal Revenue Code.(2) Except as provided in Section 59-10-1002.2, for taxable years beginning on or after January 1, 2012, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the product of:(2)(a) to the extent a net capital gain is included in taxable income, the amount of the claimant’s, estate’s, or trust’s net capital gain on capital gain transactions from exchanges made on or after January 1, 2012, for a taxable year, of one form of legal tender for another form of legal tender; and(2)(b) the percentage listed in Subsection 59-10-104(2).(3) A claimant, estate, or trust may not carry forward or carry back a tax credit under this section.(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules to implement this section.