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Utah Code Title 59. Revenue and Taxation § 59-10-1404.5. Resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) In determining the taxable income of a resident pass-through entity taxpayer, an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity shall be made in accordance with this section.

(2) For a resident pass-through entity taxpayer of a pass-through entity except for a pass-through entity that is an S corporation, the resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:

(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer's distributive share of the item of income, gain, loss, deduction, or credit:

(i) for federal income tax purposes;  and

(ii) determined under Section 704 et seq., Internal Revenue Code;  1  or

(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer's distributive share of income, gain, loss, deduction, or credit:

(i) relating to the pass-through entity generally;

(ii) for federal income tax purposes;  and

(iii) under Section 704 et seq., Internal Revenue Code.

(3) For a resident pass-through entity taxpayer of a pass-through entity that is an S corporation, the resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:

(a) if the item of income, gain, loss, deduction, or credit is required to be taken into account separately for federal income tax purposes, the resident pass-through entity taxpayer's pro rata share of the item of income, gain, loss, deduction, or credit:

(i) for federal income tax purposes;  and

(ii) determined under Section 1366 et seq., Internal Revenue Code;  2 or

(b) if the item of income, gain, loss, deduction, or credit is not required to be taken into account separately for federal income tax purposes, determined in accordance with the resident pass-through entity taxpayer's pro rata share of the item of income, gain, loss, deduction, or credit:

(i) relating to the pass-through entity generally;

(ii) for federal income tax purposes;  and

(iii) under Section 1366 et seq., Internal Revenue Code.

1  26 U.S.C.A. § 704 et seq.
2  26 U.S.C.A. § 1366 et. seq.
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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-10-1404.5. Resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-10-1404-5/

Read this complete Utah Code Title 59. Revenue and Taxation § 59-10-1404.5. Resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity on Westlaw

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