Effective 3/23/2022
59-10-1403. Income tax treatment of a pass-through entity — Returns — Classification same as under Internal Revenue Code.
59-10-1403. Income tax treatment of a pass-through entity — Returns — Classification same as under Internal Revenue Code.
- (1) Subject to Subsection (3) and except as provided in Subsection 59-10-1403.2(2), a pass-through entity is not subject to a tax imposed by this chapter.
- (2) Except as provided in Section 59-10-1403.3, the income, gain, loss, deduction, or credit of a pass-through entity shall be passed through to one or more pass-through entity taxpayers as provided in this part.
- (3) A pass-through entity is subject to the return filing requirements of Sections 59-10-507, 59-10-514, and 59-10-516.
- (4) For purposes of taxation under this title, a pass-through entity that transacts business in the state shall be classified in the same manner as the pass-through entity is classified for federal income tax purposes.
Amended by Chapter 238, 2022 General Session