Terms Used In Utah Code > Title 59 > Chapter 7 > Part 4 - Combined Reporting

• 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
• 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
• 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
• Foreign operating company: means a corporation that:
            (19)(a)(i) is incorporated in the United States;
            (19)(a)(ii) conducts at least 80% of the corporation's business activity, as determined under Section 59-7-401, outside the United States; and
            (19)(a)(iii) as calculated in accordance with Part 3, Allocation and Apportionment of Income - Utah UDITPA Provisions, has:

                 (19)(a)(iii)(A) at least $1,000,000 of payroll located outside the United States; and

                 (19)(a)(iii)(B) at least $2,000,000 of property located outside the United States. 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• return: includes a combined report. See Utah Code 59-7-101
• 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
• Threshold level of business activity: means business activity in the United States equal to or greater than 20% of the corporation's total business activity as determined under Section 59-7-401. See Utah Code 59-7-101
• Unadjusted income: includes deferred foreign income described in Section 965(a), Internal Revenue Code. See Utah Code 59-7-101
• Unitary group: includes a captive real estate investment trust. See Utah Code 59-7-101
• United States: includes the 50 states and the District of Columbia. See Utah Code 59-7-101
• Worldwide combined report: means the combination of the income and activities of all members of a unitary group irrespective of the country in which the corporations are incorporated or conduct business activity. See Utah Code 59-7-101