Utah Code 59-7-502. Change of taxable year or accounting period
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(1) If a corporation changes its taxable year for federal income tax purposes, the new taxable year shall become the corporation‘s taxable year for Utah corporate franchise or income tax purposes.
Terms Used In Utah Code 59-7-502
- 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
- Income: includes losses. See Utah Code 59-7-101
- return: includes a combined report. See Utah Code 59-7-101
- taxable year: includes the period for which such return is made. See Utah Code 59-7-101
(2) If a corporation which does not file a federal tax return changes its accounting period, the new accounting period shall become the corporation’s taxable year for Utah corporate franchise or income tax purposes if the change is approved by the commission.