§ 59-10-1404.5 — Resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity.

Utah § 59-10-1404.5

• Jurisdiction: Utah
• Title 59: Revenue and Taxation
• Ch. 59-10: Individual Income Tax Act
• Part 59-10-14: Pass-Through Entities and Pass-Through Entity Taxpayers Act

Text

(1) In determining the taxable income of a resident pass-through entity taxpayer, an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity shall be made in accordance with this section.
(2) For a resident pass-through entity taxpayer of a pass-through entity except for a pass-through entity that is an S corporation, the resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:

(2)(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer's distributive share of the item of income, gain, loss, deduction, or credit:
(2)(a)(i) for federal income tax purposes; and
(2)(a)(ii) determined under Section 704 et seq., Internal Revenue Code; or
(2)(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer's distributive share of income, gain, loss, deduction, or credit:
(2)(b)(i) relating to the pass-through entity generally;
(2)(b)(ii) for federal income tax purposes; and
(2)(b)(iii) under Section 704 et seq., Internal Revenue Code.
(3) For a resident pass-through entity taxpayer of a pass-through entity that is an S corporation, the resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:

(3)(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer's pro rata share of the item of income, gain, loss, deduction, or credit:
(3)(a)(i) for federal income tax purposes; and
(3)(a)(ii) determined under Section 1366 et seq., Internal Revenue Code; or
(3)(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer's pro rata share of the item of income, gain, loss, deduction, or credit:
(3)(b)(i) relating to the pass-through entity generally;
(3)(b)(ii) for federal income tax purposes; and
(3)(b)(iii) under Section 1366 et seq., Internal Revenue Code.

Legislative History

Enacted by Chapter 312, 2009 General Session