Utah Code 59-7-402. Water’s edge combined report
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(1) Except as provided in Section 59-7-403, if any corporation listed in Subsection 59-7-101(40)(a) is doing business in Utah, the unitary group shall file a water’s edge combined report.
Terms Used In Utah Code 59-7-402
- Affiliated group: means one or more chains of corporations that are connected through stock ownership with a common parent corporation that meet the following requirements:(2)(a)(i) at least 80% of the stock of each of the corporations in the group, excluding the common parent corporation, is owned by one or more of the other corporations in the group; and(2)(a)(ii) the common parent directly owns at least 80% of the stock of at least one of the corporations in the group. See Utah Code 59-7-101
- 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- Doing business: includes any transaction in the course of business by a domestic corporation or by a foreign corporation qualified to do or doing business in this state. 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
- Unitary group: includes a captive real estate investment trust. See Utah Code 59-7-101
(2)(2)(a) A group of corporations that are not otherwise a unitary group may elect to file a water’s edge combined report if each member of the group is:(2)(a)(i) doing business in Utah;(2)(a)(ii) part of the same affiliated group; and(2)(a)(iii) qualified, under Section 1501, Internal Revenue Code, to file a federal consolidated return.(2)(b) Each corporation within the affiliated group that is doing business in Utah must consent to filing a combined report. If an affiliated group elects to file a combined report, each corporation within the affiliated group that is doing business in Utah must file a combined report.(2)(c) Corporations that elect to file a water’s edge combined report under this section may not thereafter elect to file a separate return without the consent of the commission.