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Utah Code Title 59. Revenue and Taxation § 59-1-1302. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) “Gross income” is as defined in Section 61, Internal Revenue Code.  1

(2) “Income tax” means a tax imposed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

(3) “Income tax return” means a return filed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

(4) “Listed transaction” means a reportable transaction that is the same as, or substantially similar to, a transaction or arrangement specifically identified as a listed transaction by the:

(a) United States Secretary of the Treasury in written materials interpreting the requirements of Section 6011, Internal Revenue Code;  2 or

(b) commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(5) “Material advisor” is as defined in Section 6111, Internal Revenue Code.  3

(6) “Reportable transaction” means a transaction or arrangement that:

(a) is carried out through or invested in by one or more entities that:

(i) are organized in this state;

(ii) do business in this state;

(iii) derive gross income from sources within this state;

(iv) are subject to income tax; or

(v) are otherwise subject to the jurisdiction of this state; and

(b) is:

(i) a transaction or arrangement described in 26 C.F.R. Sec. 1.6011-4(b)(2) through (7); or

(ii) a reportable transaction as described by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(7) “Taxpayer” means a person that is required to file an income tax return.

(8) “Unitary group” is as defined in Section 59-7-101.

1 See 26 U.S.C.A. § 61.
2 See 26 U.S.C.A. § 6011.
3 See 26 U.S.C.A. § 6111.
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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-1-1302. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-1-1302/

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