Utah Code 59-7-701. Taxation of S corporations
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(1) Except as provided in Section 59-7-102 and subject to the other provisions of this part, beginning on July 1, 1994, and ending on the last day of the taxable year that begins on or after January 1, 2012, but begins on or before December 31, 2012, an S corporation is subject to taxation in the same manner as that S corporation is taxed under Subchapter S – Tax Treatment of S Corporations and Their Shareholders, Sec. 1361 et seq., Internal Revenue Code.
Terms Used In Utah Code 59-7-701
- Business income: means the same as that term is defined in Section 59-7-302. 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
- 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
- Nonbusiness income: means the same as that term is defined in Section 59-7-302. See Utah Code 59-7-101
- return: includes a combined report. See Utah Code 59-7-101
- S corporation: means an S corporation as defined in Section 1361, Internal Revenue Code. See Utah Code 59-7-101
- taxable year: includes the period for which such return is made. See Utah Code 59-7-101
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
(2) An S corporation is taxed at the tax rate provided in Section 59-7-104.(3) The business income and nonbusiness income of an S corporation is subject to Part 3, Allocation and Apportionment of Income – Utah UDITPA Provisions.(4) An S corporation having income derived from or connected with Utah sources shall make a return in accordance with Sections 59-10-507 and 59-10-514.(5) An S corporation shall make payments of estimated tax as required by Section 59-7-504.(6) An S corporation is subject to Chapter 10, Part 14, Pass-Through Entities and Pass-Through Entity Taxpayers Act.(7) A pass-through entity taxpayer as defined in Section 59-10-1402 of an S corporation is subject to Chapter 10, Part 14, Pass-Through Entities and Pass-Through Entity Taxpayers Act.(8) Provisions under this chapter governing the following apply to an S corporation:(8)(a) an assessment;(8)(b) a penalty;(8)(c) a refund; or(8)(d) a record required for an S corporation.