Utah Statutes
§ 75A-5-506 — Income taxes.
Utah·Title 75A Fiduciaries·Ch. 75A-5 Uniform Fiduciary Income and Principal Act·Part 75A-5-5 Allocation of Disbursements
(1)A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income.
(2)A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.
(3)Subject to Subsection (4) and Sections 75A-5-504, 75A-5-505, and 75A-5-507, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period shall be paid from:
(3)(a) income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and
(3)(b) principal, to the extent that the tax exceeds the receipts from the entity in the accounting period.
(4)After applying Subsections (1) throug
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Legislative History
Renumbered and Amended by Chapter 364, 2024 General Session
Nearby Sections
15
§ 75A-1-101
Definitions for title.§ 75A-1-102
Transition clause.§ 75A-1-201
Definitions for part.§ 75A-1-202
Transactions prior to May 12, 1925.§ 75A-1-203
Payments or transfers made to a fiduciary.§ 75A-1-206
Checks drawn by or payable to a fiduciary.§ 75A-1-207
Bank deposits in the name of a fiduciary.§ 75A-1-208
Checks drawn in name of a principal.§ 75A-1-209
Deposits in a fiduciary's personal account.§ 75A-1-210
Deposits in name of several trustees.§ 75A-2-101
Reserved.§ 75A-2-102
Definitions for chapter.§ 75A-2-103
Applicability.