reglab/housing_qa huggingface dataset:
UT Code § 59-7-104 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 104 - Tax -- Minimum tax.

 Effective 5/12/2020  59-7-104. Tax -- Minimum tax.    (1) Each domestic and foreign corporation, except a corporation that is exempt under Section 59-7-102, shall pay an annual tax to the state based on the corporation's Utah taxable income for the taxable year for the privilege of exercising the corporation's corporate franchise or for the privilege of doing business in the state.     (2) The tax shall be 4.95% of a corporation's Utah taxable income.     (3) The minimum tax a corporation shall pay under this chapter is $100.    Amended by Chapter 354, 2020 General Session
UT Code § 59-7-107 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 107 - Basis.

59-7-107. Basis.    (1)   (a) For property acquired after December 31, 1993, basis shall be determined pursuant to the Internal Revenue Code without reference to Section 1502, Internal Revenue Code, or regulations promulgated under that section.     (b) Notwithstanding Subsection (1)(a), adjustments for basis in a combined report may be established by rules promulgated by the tax commission.       (2) For property acquired after December 31, 1930, but before January 1, 1994, basis shall be determined under Utah law in effect at the time the property was acquired.     (3)   (a) Except as provided in Subsection (3)(c), the basis for determining the gain or loss from the sale or other disposition of property acquired before January 1, 1931, shall be:   (i) the cost of such property or in the case of property acquired by gift or transfer in trust, the fair market value of such property at the time of such acquisition; or     (ii) the fair market value of such property as of January 1, 1931, whichever is greater.       (b) In determining the fair market value of stock in a corporation as of January 1, 1931, due regard shall be given to the fair market value of the assets of the corporation as of that date.     (c)   (i) In determining the basis for inventory acquired before January 1, 1931, if the property should have been included in the last inventory, the basis shall be the value of that property at the last inventory.     (ii) In determining the basis for bequests and devises acquired before January 1, 1931, if personal property was acquired by specific bequest, or if real property was acquired by general or specific devise, the basis shall be the fair market value of the property at the time of the death of the decedent. In all other cases if the property was acquired by will, the basis shall be the fair market value of the property at the time of the distribution to the taxpayer.     (iii) In determining the basis for property acquired before January 1, 1931, during affiliation in which a combined report is filed under either Section 59-7-402 or 59-7-403, the basis shall be determined in accordance with rules prescribed by the commission.         (4) If any property subject to taxation under this chapter was acquired before January 1, 1931, the basis of such property, if other than the fair market value as of January 1, 1931, shall be diminished in the amount of exhaustion, wear and tear, obsolescence, and depletion actually sustained before such date.    Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-108 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 108 - Distributions by corporations.

59-7-108. Distributions by corporations.    (1)   (a) For purposes of this chapter, a distribution is made out of earnings or profits to the extent of the earnings or profits, and from the most recently accumulated earnings or profits.      (b)   (i) Subject to Subsection (1)(b)(ii), any earnings or profits accumulated or increase in value of property accrued before January 1, 1931, may be excluded from taxable income after the earnings and profits accumulated after December 31, 1930 have been distributed.     (ii) A distribution described in Subsection (1)(b)(i) shall be applied against and reduce the basis of the stock.         (2)   (a) Subject to Subsection (2)(b), if any distribution that is not in partial or complete liquidation is made by a corporation to its shareholders, is not out of increase in value of property accrued before January 1, 1931, and is not out of earnings or profits, the amount of the distribution shall be applied against and reduce the basis of the stock.     (b) If a distribution described in Subsection (2)(a) is in excess of the basis of the stock, the excess shall be treated as a gain from the sale or exchange of property.      Amended by Chapter 69, 2011 General Session
UT Code § 59-7-109 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 109 - Charitable contributions.

59-7-109. Charitable contributions.    (1) Except as provided in Subsection (2), a subtraction is allowed for charitable contributions made within the taxable year to organizations described in Section 170(c), Internal Revenue Code.     (2) The aggregate amount of charitable contributions deductible under this section may not exceed 10% of the taxpayer's apportionable income. The limitation imposed in this subsection shall be calculated on a combined basis in a combined report.     (3) Any charitable contribution made in a taxable year beginning on or after January 1, 1994, which is in excess of the amount allowed as a deduction under Subsection (2) may be carried over to the five succeeding taxable years in the same manner as allowed under federal law.    Amended by Chapter 311, 1995 General Session
UT Code § 59-7-109.1 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 109.1 - Charitable contributions to the Special Needs Opportunity Scholarship Program.

 Effective 1/1/2021  59-7-109.1. Charitable contributions to the Special Needs Opportunity Scholarship Program.    (1) Notwithstanding anything to the contrary in Section 59-7-109, a taxpayer may not subtract a charitable contribution that meets the requirements of Section 59-7-109 to the extent that the taxpayer claims a tax credit under Section 59-7-625 for the same charitable contribution.     (2) This section supersedes any conflicting provisions of Utah law.    Enacted by Chapter 3, 2020 Special Session 4
UT Code § 59-7-111 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 111 - Safe harbor lease provisions.

59-7-111. Safe harbor lease provisions.    (1)   (a) For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:   (i) interest expense; and     (ii) depreciation claimed on safe harbor lease property.       (b) For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:   (i) rental income; and     (ii) amortization of the purchase price of tax benefits.         (2)   (a) For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:   (i) the amount of gain on the sale of federal tax benefits; and     (ii) rental expense on safe harbor lease property.       (b) For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:   (i) interest income; and     (ii) depreciation on safe harbor lease property.        Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-112 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 112 - Installment sales.

59-7-112. Installment sales.    (1) Except as provided in Subsections (2) and (3), installment sales shall be governed by Sections 453, 453A, and 453B, Internal Revenue Code.     (2) Installment sales entered into prior to January 1, 1994, shall be recognized as originally reported.     (3) If a corporation is no longer required to file a Utah corporate return, any taxes owed by that corporation on installment sales entered into by that corporation shall accelerate and be due on the corporation's last return filed in Utah.    Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-113 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 113 - Allocation of income and deductions between several corporations controlled by same interests.

59-7-113. Allocation of income and deductions between several corporations controlled by same interests.  If two or more corporations (whether or not organized or doing business in this state, and whether or not affiliated) are owned or controlled directly or indirectly by the same interests, the commission is authorized to distribute, apportion, or allocate gross income or deductions between or among such corporations, if it determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such corporations.  Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-114 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 114 - Section 338, Internal Revenue Code -- Elections.

59-7-114. Section 338, Internal Revenue Code -- Elections.    (1) Transactions for which an election has been made or considered to be made for federal purposes under Section 338, Internal Revenue Code, shall be treated as provided in this section. An election is not available for state purposes unless an election is made or considered to be made for federal purposes.     (2) If an election is made or considered to be made for federal purposes under Section 338, Internal Revenue Code, other than under Subsection 338(h)(10):   (a) the target corporation shall file a separate entity one-day tax return for state purposes, as is required for federal purposes, and shall include in such return the gain or loss on the deemed sale of assets in its adjusted income;     (b) the gain or loss on the deemed sale of assets shall be apportioned to this state using the apportionment fraction of the target corporation calculated on a separate entity basis for the most recent preceding taxable year consisting of 180 days or more; and     (c) the due date of the one-day return shall be the same as the due date of the return which includes the taxable period of the target corporation which immediately precedes the one-day return.       (3) If an election is made for federal purposes under Subsection 338(h)(10), Internal Revenue Code, the following shall apply:   (a) if the target corporation is a member of a unitary group immediately preceding the acquisition date, the target corporation shall be included in a combined return to the extent of its income through the acquisition date, and the gain or loss on the deemed sale of assets shall be included in the combined income of the unitary group;     (b) if the target corporation is not a member of a unitary group immediately preceding the acquisition date, the target corporation shall file a short period return for the period ending on the acquisition date and shall include in such return the gain or loss on the deemed sale of assets in its adjusted income; and     (c) any gain or loss which is not recognized for federal purposes on stock sold or exchanged by a member of a selling consolidated group as defined in Section 338, Internal Revenue Code, may not be included in the adjusted income of the selling corporation.       (4) There is a rebuttable presumption that the gain or loss on the deemed sale of assets constitutes business income.     (5) The new basis of the target corporation's assets shall be determined under Section 338, Internal Revenue Code.     (6) The target corporation shall be treated as a new corporation as of the day after the acquisition date.     (7) The commission may prescribe such rules as necessary to provide for the equitable treatment of any transaction subject to Section 338, Internal Revenue Code.    Amended by Chapter 9, 2001 General Session
UT Code § 59-7-115 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 115 - Section 336(e), Internal Revenue Code -- Elections.

59-7-115. Section 336(e), Internal Revenue Code -- Elections.    (1) Transactions for which an election has been made for federal purposes under Section 336(e), Internal Revenue Code, shall be treated as provided in this section. An election is not available for state purposes unless an election is made for federal purposes.     (2) If an election is made under Section 336(e), Internal Revenue Code, the following shall apply:   (a) if the corporation is treated for federal purposes as having disposed of all of its assets and is a member of a unitary group immediately preceding the date of sale, the corporation shall be included in a combined return to the extent of its income through the date of sale, and the gain or loss on the deemed disposal of assets shall be included in the combined income of the unitary group;     (b) if the corporation is treated for federal purposes as having disposed of all of its assets and is not a member of a unitary group immediately preceding the date of sale, the corporation shall file a short period return for the period ending on the date of sale and shall include in such return the gain or loss on the deemed disposal of assets in its adjusted income; and     (c) any gain or loss which is not recognized for federal purposes on stock sold, exchanged, or distributed by a corporation pursuant to Section 336(e), Internal Revenue Code, may not be included in adjusted income.       (3) There is a rebuttable presumption that the gain or loss on the deemed disposition of assets constitutes business income.     (4) The new basis of assets of the corporation which is treated as having disposed of its assets shall be the same as determined for federal purposes.     (5) The corporation which is treated as having disposed of its assets shall be treated as a new corporation as of the day after the date of sale.     (6) The commission may prescribe such rules as necessary to provide for the equitable treatment of any transaction subject to Section 336(e), Internal Revenue Code.    Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-116 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 116 - Taxation of regulated investment companies.

59-7-116. Taxation of regulated investment companies.    (1) A regulated investment company or a fund of such a company, as defined in Sections 851(a) or 851(g), Internal Revenue Code, which is organized under the laws of Utah, shall determine Utah taxable income as follows:   (a) calculate investment company taxable income, as determined in Section 852(b)(2), Internal Revenue Code;     (b) add any municipal interest and the exclusion of net capital gain provided in Section 852(b)(2)(A), Internal Revenue Code; and     (c) subtract the deduction for the capital gain dividends and exempt interest dividends as defined in Sections 852(b)(3)(C) and 852(b)(5), Internal Revenue Code.       (2) A regulated investment company which is organized under the laws of Utah or a fund of such a company, shall be taxed at the same rate and in the same manner as a corporation as provided in this chapter.    Amended by Chapter 250, 2008 General Session
UT Code § 59-7-116.5 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 116.5 - Real estate investment trusts.

59-7-116.5. Real estate investment trusts.    (1) A real estate investment trust that is not a captive real estate investment trust shall be taxed on the same income taxed for federal purposes under the Internal Revenue Code.     (2) Any income taxable under this section shall be taxed at the same rate and in the same manner provided for in this chapter.    Amended by Chapter 389, 2008 General Session
UT Code § 59-7-117 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 117 - Equitable adjustments.

59-7-117. Equitable adjustments.  The commission shall by rule prescribe for adjustments to Utah taxable income when, solely by reason of the enactment of this chapter, a taxpayer would otherwise receive or have received a double tax benefit or suffer or have suffered a double tax detriment. However, the commission may not make any adjustment pursuant to this section which will result in an increase or decrease of tax liability that is less than $25.  Repealed and Re-enacted by Chapter 169, 1993 General Session
UT Code § 59-7-118 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 1 - Corporate Tax Generally|Section 118 - Section 965, Internal Revenue Code -- Installment payments.

 Effective 5/5/2021  59-7-118. Section 965, Internal Revenue Code -- Installment payments.    (1) Subject to the other provisions of this section, a corporation may pay in installments the tax owed under this chapter on deferred foreign income described in Section 965, Internal Revenue Code.     (2) Subsection (1) applies:   (a) to a corporation that:   (i) is authorized to make an election under Section 965(h), Internal Revenue Code; and     (ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and       (b) for a tax year in which a corporation makes an election under Section 965(h), Internal Revenue Code, for purposes of the corporation's federal income tax.       (3)   (a) Except as provided in Subsection (3)(b), the same provisions that apply to an election made under Section 965(h), Internal Revenue Code, for federal purposes apply to an installment payment made under this section.     (b) A corporation shall make:   (i) the first installment under this section on or before the due date of the tax return filed under this chapter for the first taxable year in which the corporation reports deferred foreign income described in Section 965, Internal Revenue Code; and     (ii) a subsequent installment on or before the due date of the tax return filed under this chapter in each of the following seven years.         Amended by Chapter 367, 2021 General Session
UT Code § 59-7-201 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 201 - Tax -- Minimum tax.

 Effective 5/8/2018  59-7-201. Tax -- Minimum tax.    (1) There is imposed upon each corporation, except a corporation that is exempt under Section 59-7-102, a tax upon the corporation's Utah taxable income for the taxable year that is derived from sources within this state other than income for any period that the corporation is required to include in the corporation's tax base under Section 59-7-104.     (2) The tax imposed by Subsection (1) shall be 4.95% of a corporation's Utah taxable income.     (3) In no case shall the tax be less than $100.    Amended by Chapter 456, 2018 General Session
UT Code § 59-7-203 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 203 - Computation of Utah taxable income.

59-7-203. Computation of Utah taxable income.  For purposes of the tax imposed by this part, Utah taxable income shall be determined in accordance with Part 1, Corporate Tax Generally, except that wherever the date December 31, 1930 appears, the date December 31, 1958 shall be substituted, and wherever the date January 1, 1931 appears, the date January 1, 1959 shall be substituted.  Amended by Chapter 169, 1993 General Session
UT Code § 59-7-204 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 204 - Income attributed to sources within the state.

59-7-204. Income attributed to sources within the state.  For the purposes of the tax imposed by this part, the portion of Utah taxable income derived from or attributable to sources within this state shall be determined in accordance with Part 3, Allocation and Apportionment of Income - Utah UDITPA Provisions and Part 4, Combined Reporting.  Amended by Chapter 4, 1993 General SessionAmended by Chapter 169, 1993 General Session
UT Code § 59-7-205 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 205 - Applicability of Parts 5 and 6 of chapter.

59-7-205. Applicability of Parts 5 and 6 of chapter.  For purposes of the tax imposed by this part, Part 5, Procedures and Administration and Part 6, Credits, shall apply.  Amended by Chapter 169, 1993 General Session
UT Code § 59-7-206 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 206 - Offsets against tax.

59-7-206. Offsets against tax.  There shall be offset against the tax imposed by this part for any period the amount of any tax imposed on the taxpayer under Section 59-7-104 for the same period. In the event that taxes, interest, and penalties have been or shall be assessed against, paid by, or collected from a taxpayer under Section 59-7-201, which assessment, payment, or collection should have been made under Section 59-7-104, such taxes, interest, and penalties shall be considered as having been assessed, paid, or collected under Section 59-7-104 as of the dates they were made.  Amended by Chapter 169, 1993 General Session
UT Code § 59-7-207 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 207 - Corporations becoming subject to tax -- Assessment under other sections.

59-7-207. Corporations becoming subject to tax -- Assessment under other sections.  If a corporation formerly subject to tax under Section 59-7-104 becomes subject to tax under this part, it shall file an information return for the income year in which the change occurs. The tax for the year in which the change occurs will be assessed under Section 59-7-104 and not under Section 59-7-201. For years subsequent to the year in which the change occurs, the tax will be assessed under Section 59-7-201.  Amended by Chapter 169, 1993 General Session
UT Code § 59-7-208 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 2 - Corporate Income Tax|Section 208 - Provisions followed for purposes of tax collected.

59-7-208. Provisions followed for purposes of tax collected.  For the purposes of the taxes collected under this part, and interest and penalties arising in connection therewith, the provisions of Section 59-7-532 shall be followed.  Amended by Chapter 169, 1993 General Session
UT Code § 59-7-303 (2021)
2021 Utah Code|Title 59 - Revenue and Taxation|Chapter 7 - Corporate Franchise and Income Taxes|Part 3 - Allocation and Apportionment of Income - Utah UDITPA Provisions|Section 303 - Apportionable income.

59-7-303. Apportionable income.    (1) Any taxpayer having income from business activity which is taxable both within and without this state shall allocate and apportion its adjusted income as provided in this part.     (2) Any taxpayer having income solely from business activity taxable within this state shall allocate or apportion its entire adjusted income to this state.    Repealed and Re-enacted by Chapter 169, 1993 General Session