Utah Code 59-7-308. Allocation of capital gains and losses
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To the extent that the following constitute nonbusiness income:
(1) capital gains and losses from sales of real property located in this state are allocable to this state;
Terms Used In Utah Code 59-7-308
- Commercial domicile: means the principal place from which the trade or business of the taxpayer is directed or managed. See Utah Code 59-7-302
- Income: includes losses. See Utah Code 59-7-101
- Personal property: All property that is not real property.
- Personal property: includes :(25)(a) money;(25)(b) goods;(25)(c) chattels;(25)(d) effects;(25)(e) evidences of a right in action;(25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and(25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Sales: means all gross receipts of the taxpayer not allocated under Sections 59-7-306 through 59-7-310. See Utah Code 59-7-302
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Utah Code 59-7-302
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
(2) capital gains and losses from sales of tangible personal property are allocable to this state if:(2)(a) the property had a situs in this state at the time of the sale; or(2)(b) the taxpayer‘s commercial domicile is in this state and the taxpayer is not taxable in the state in which the property had a situs; and(3) capital gains and losses from sales of intangible personal property are allocable to this state if the taxpayer’s commercial domicile is in this state.