Utah Statutes
§ 59-10-126 — Business entities not subject to tax -- Exceptions.
Utah·Title 59 Revenue and Taxation·Ch. 59-10 Individual Income Tax Act·Part 59-10-1 Determination and Reporting of Tax Liability and Information
(1)A business entity that is taxable as a corporation for federal income tax purposes:
(1)(a) may not be subject to the tax imposed by this chapter; and
(1)(b) is subject to Chapter 7, Corporate Franchise and Income Taxes.
(2)A business entity that is exempt from federal income taxation is exempt from the tax imposed by this chapter.
(3)Notwithstanding Subsection (2), if a business entity that is exempt from federal income taxation has income that is subject to federal income taxation, that income is subject to taxation under Chapter 7, Corporate Franchise and Income Taxes.
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Utah § 59-10-126 (Business entities not subject to tax -- Exceptions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Chapter 389, 2008 General Session
Nearby Sections
15
§ 59-1-1001
Statement of taxpayer rights.§ 59-1-1002
Audit interviews.§ 59-1-1003
Penalty waiver.§ 59-1-1004
Installment payments.§ 59-1-1005
Suits against commission and its employees.§ 59-1-101
Definitions.§ 59-1-103
Income Tax Surplus Restricted Account.§ 59-1-1101
Private collection of tax -- Fee.§ 59-1-1302
Definitions.