Terms Used In Utah Code > Title 59 > Chapter 7 > Part 7 - S Corporations

• 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
• 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
• 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