Utah Code 59-7-112. Installment sales
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as provided in Subsections (2) and (3) , installment sales shall be governed by Sections 453, 453A, and 453B, Internal Revenue Code.
Terms Used In Utah Code 59-7-112
- 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 :(11)(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and(11)(b) other organizations that are taxed as corporations for federal income tax purposes under the Internal Revenue Code. See Utah Code 59-7-101
- Internal Revenue Code: means Title 26 of the United States Code as effective during the year in which Utah taxable income is determined. See Utah Code 59-7-101
- return: includes a combined report. See Utah Code 59-7-101
(2) Installment sales entered into prior to January 1, 1994, shall be recognized as originally reported.(3) If a corporation is no longer required to file a Utah corporate return, any taxes owed by that corporation on installment sales entered into by that corporation shall accelerate and be due on the corporation’s last return filed in Utah.