59-7-402. Water's edge combined report.
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Effective 5/5/2021
59-7-402. Water's edge combined report.
(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.
(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, 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.
Amended by Chapter 368 , 2021 General Session