(iii) | an insurance company. See Utah Code 59-10-103Pass-through entity: means a business entity that is:(a) | the following if classified as a partnership for federal income tax purposes:(i) | a general partnership; |
(ii) | a limited liability company; |
(iii) | a limited liability partnership; or |
(iv) | a limited partnership; |
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(c) | an estate or trust with respect to which the estate's or trust's income, gain, loss, deduction, or credit is divided among and passed through to one or more pass-through entity taxpayers; or |
(d) | a business entity similar to Subsections (11)(a) through (c):(i) | with respect to which the business entity's income, gain, loss, deduction, or credit is divided among and passed through to one or more pass-through entity taxpayers; and |
(ii) | as defined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 59-10-1402Pass-through entity taxpayer: means a resident or nonresident individual, a resident or nonresident business entity, or a resident or nonresident estate or trust:(a) | that is:(i) | for a general partnership, a partner; |
(ii) | for a limited liability company, a member; |
(iii) | for a limited liability partnership, a partner; |
(iv) | for a limited partnership, a partner; |
(v) | for an S corporation, a shareholder; |
(vi) | for an estate or trust described in Subsection(11)(c), a beneficiary; or |
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(b) | to which the income, gain, loss, deduction, or credit of a pass-through entity is passed through. See Utah Code 59-10-1402Resident pass-through entity taxpayer: means a pass-through entity taxpayer that is a:(a) | resident individual; or |
(b) | resident business entity. See Utah Code 59-10-1402Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:(ii) | an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer; |
(iii) | a pass-through entity; or |
(iv) | a pass-through entity taxpayer. See Utah Code 59-10-103 |
(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; or |
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(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. |
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(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; or |
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(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. |
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Enacted by Chapter 312, 2009 General Session
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