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Utah Code Title 59. Revenue and Taxation § 59-7-116. Taxation of regulated investment companies

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

(1) A regulated investment company or a fund of such a company, as defined in Sections 851(a) or 851(g), Internal Revenue Code,  1 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;  2

(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.

1 See 26 U.S.C.A. § 851.
2 See 26 U.S.C.A. § 852.
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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-7-116. Taxation of regulated investment companies - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-7-116/

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