Utah Code 59-7-534. Failure to pay tax — Suspension or forfeiture of corporate rights
Current as of: 2024 | Check for updates
|
Other versions
(1) If a tax computed and levied under this chapter is not paid before 5 p.m. on the last day of the 11th month after the date of delinquency, the corporate powers, rights, and privileges of the delinquent taxpayer, if it is a domestic corporation, shall be suspended, and if a foreign corporation, it shall forfeit its rights to do intrastate business in this state.
Terms Used In Utah Code 59-7-534
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
(2) The commission shall transmit the name of each such corporation to the Division of Corporations and Commercial Code, which shall immediately record the same in such manner that it may be available to the public. This suspension or forfeiture shall become effective from the time such record is made, and the certificate of the Division of Corporations and Commercial Code shall be prima facie evidence of such suspension or forfeiture.