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Utah Code Title 59. Revenue and Taxation § 59-7-402. Water's edge combined report

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

(1) Except as provided in Section 59-7-403, if any corporation listed in Subsection 59-7-101(40)(a) is doing business in Utah, the unitary group shall file a water's edge combined report.

(2)(a) A group of corporations that are not otherwise a unitary group may elect to file a water's edge combined report if each member of the group is:

(i) doing business in Utah;

(ii) part of the same affiliated group; and

(iii) qualified, under Section 1501, Internal Revenue Code,  1 to file a federal consolidated return.

(b) Each corporation within the affiliated group that is doing business in Utah must consent to filing a combined report. If an affiliated group elects to file a combined report, each corporation within the affiliated group that is doing business in Utah must file a combined report.

(c) Corporations that elect to file a water's edge combined report under this section may not thereafter elect to file a separate return without the consent of the commission.

1 See 26 U.S.C.A. § 1501.
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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-7-402. Water's edge combined report - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-7-402/

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