Utah Code Title 59. Revenue and Taxation § 59-10-1028. Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender

(a) “Capital gain transaction” means a transaction that results in a:

(b) “Long-term capital gain” is as defined in Section 1222, Internal Revenue Code.

(c) “Long-term capital loss” is as defined in Section 1222, Internal Revenue Code.

(d) “Net capital gain” means the amount by which the sum of long-term capital gains and short-term capital gains on a claimant's, estate's, or trust's transactions from exchanges made for a taxable year of one form of legal tender for another form of legal tender exceeds the sum of long-term capital losses and short-term capital losses on those transactions for that taxable year.

(e) “Short-term capital loss” is as defined in Section 1222, Internal Revenue Code.

(f) “Short-term capital gain” is as defined in Section 1222, Internal Revenue Code.

(a) to the extent a net capital gain is included in taxable income, the amount of the claimant's, estate's, or trust's net capital gain on capital gain transactions from exchanges made on or after January 1, 2012, for a taxable year, of one form of legal tender for another form of legal tender; and

(b) the percentage listed in Subsection 59-10-104(2).