Utah Code 59-10-209.1. Adjustments to unadjusted income

(1)

The commission shall allow an adjustment to unadjusted income of a resident or nonresident estate or trust if the resident or nonresident estate or trust would otherwise:

Terms Used In Utah Code 59-10-209.1

nonresident estate: means a trust or estate which is not a resident estate or trust. See Utah Code 59-10-103
Unadjusted income: means an amount equal to the difference between:

(i)	the total income required to be reported by a resident or nonresident estate or trust on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year; and

(ii)

the sum of the following:

(A)

fees paid or incurred to the fiduciary of a resident or nonresident estate or trust:

(I)	for administering the resident or nonresident estate or trust; and

(II)	that the resident or nonresident estate or trust deducts as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year;

(B)	the income distribution deduction that a resident or nonresident estate or trust deducts under Section 651 or 661, Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year;

(C)

the amount that a resident or nonresident estate or trust deducts as a deduction for estate tax or generation skipping transfer tax under Section 691(c), Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year; and

(D)	the amount that a resident or nonresident estate or trust deducts as a personal exemption under Section 642(b), Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year. See Utah Code 59-10-103
(a)	receive a double tax benefit under this chapter; or

(b)	suffer a double tax detriment under this chapter.

(2)	In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules to allow for the adjustment to unadjusted income required by Subsection (1).

Amended by Chapter 382, 2008 General Session
Amended by Chapter 389, 2008 General Session

Previous section

Next section

Part 2 Contents