Utah Code 59-7-116.5. Real estate investment trusts
Current as of: 2024 | Check for updates
|
Other versions
(1) A real estate investment trust that is not a captive real estate investment trust shall be taxed on the same income taxed for federal purposes under the Internal Revenue Code.
Terms Used In Utah Code 59-7-116.5
- Captive real estate investment trust: means a real estate investment trust if:(7)(a)(i) the shares or beneficial interests of the real estate investment trust are not regularly traded on an established securities market; and(7)(a)(ii) more than 50% of the voting power or value of the shares or beneficial interests of the real estate investment trust are directly, indirectly, or constructively:(7)(a)(ii)(A) owned by a controlling entity of the real estate investment trust; or(7)(a)(ii)(B) controlled by a controlling entity of the real estate investment trust. See Utah Code 59-7-101
- Income: includes losses. 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
- Real estate investment trust: means the same as that term is defined in Section 856, Internal Revenue Code. See Utah Code 59-7-101
(2) Any income taxable under this section shall be taxed at the same rate and in the same manner provided for in this chapter.