| (1) |
Except as provided in Subsection (2), a tax determined in accordance with the rate prescribed by Subsection 59-10-104(2)(b) is imposed for each taxable year on the state taxable income of each resident estate or trust. |
Terms Used In Utah Code 59-10-201
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- resident trust: means the same as that term is defined in Section 75-7-103. See Utah Code 59-10-103
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (2) |
The following are not subject to a tax imposed by this part:
| (a) |
a resident estate or trust that is not required to file a federal income tax return for estates and trusts for the taxable year; or |
| (b) |
a resident trust taxed as a corporation. |
|
| (3) |
A resident estate or trust shall be allowed the credit provided in Section 59-10-1003, relating to an income tax imposed by another state, except that the limitation shall be computed by reference to the taxable income of the estate or trust. |
Amended by Chapter 6, 2010 General Session
