59-1-1302. Definitions.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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

(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; 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.

(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 .

Amended by Chapter 382 , 2008 General Session