Utah Code 59-10-1404.5. Resident pass-through entity taxpayer’s share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity
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(1) In determining the taxable income of a resident pass-through entity taxpayer, an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity shall be made in accordance with this section.
Terms Used In Utah Code 59-10-1404.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: includes :(1)(b)(i) an association;(1)(b)(ii) a joint stock company; and(1)(b)(iii) an insurance company. See Utah Code 59-10-103
- Pass-through entity: means a business entity that is:
(11)(a) the following if classified as a partnership for federal income tax purposes:(11)(a)(i) a general partnership;(11)(a)(ii) a limited liability company;(11)(a)(iii) a limited liability partnership; or(11)(a)(iv) a limited partnership;(11)(b) an S corporation;(11)(c) an estate or trust with respect to which the estate's or trust's income, gain, loss, deduction, or credit is divided among and passed through to one or more pass-through entity taxpayers; or(11)(d) a business entity similar to Subsections (11)(a) through (c):(11)(d)(i) with respect to which the business entity's income, gain, loss, deduction, or credit is divided among and passed through to one or more pass-through entity taxpayers; and(11)(d)(ii) as defined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 59-10-1402- Pass-through entity taxpayer: means a resident or nonresident individual, a resident or nonresident business entity, or a resident or nonresident estate or trust:
(12)(a) that is:(12)(a)(i) for a general partnership, a partner;(12)(a)(ii) for a limited liability company, a member;(12)(a)(iii) for a limited liability partnership, a partner;(12)(a)(iv) for a limited partnership, a partner;(12)(a)(v) for an S corporation, a shareholder;(12)(a)(vi) for an estate or trust described in Subsection(11)(c), a beneficiary; or(12)(a)(vii) for a business entity described in Subsection(11)(d), a member, partner, shareholder, or other title designated by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and(12)(b) to which the income, gain, loss, deduction, or credit of a pass-through entity is passed through. See Utah Code 59-10-1402- Resident pass-through entity taxpayer: means a pass-through entity taxpayer that is a:
(14)(a) resident individual; or(14)(b) resident business entity. See Utah Code 59-10-1402- Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
(1)(aa)(i) an individual;(1)(aa)(ii) an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer;(1)(aa)(iii) a pass-through entity; or(1)(aa)(iv) a pass-through entity taxpayer. See Utah Code 59-10-103(2) For a resident pass-through entity taxpayer of a pass-through entity except for a pass-through entity that is an S corporation, the resident pass-through entity taxpayer‘s share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:(2)(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer’s distributive share of the item of income, gain, loss, deduction, or credit:(2)(a)(i) for federal income tax purposes; and(2)(a)(ii) determined under Section 704 et seq., Internal Revenue Code; or(2)(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer’s distributive share of income, gain, loss, deduction, or credit:(2)(b)(i) relating to the pass-through entity generally;(2)(b)(ii) for federal income tax purposes; and(2)(b)(iii) under Section 704 et seq., Internal Revenue Code.(3) For a resident pass-through entity taxpayer of a pass-through entity that is an S corporation, the resident pass-through entity taxpayer’s share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:(3)(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer’s pro rata share of the item of income, gain, loss, deduction, or credit:(3)(a)(i) for federal income tax purposes; and(3)(a)(ii) determined under Section 1366 et seq., Internal Revenue Code; or(3)(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer’s pro rata share of the item of income, gain, loss, deduction, or credit:(3)(b)(i) relating to the pass-through entity generally;(3)(b)(ii) for federal income tax purposes; and(3)(b)(iii) under Section 1366 et seq., Internal Revenue Code. - Pass-through entity: means a business entity that is: