An electing small business corporation, as defined in Section 1371(a)(2), Internal Revenue Code, shall make a return for each taxable year, stating specifically:

(1)  the items of the electing small business corporation‘s gross income and the deductions allowable by Subtitle A, Internal Revenue Code;

Terms Used In Utah Code 59-10-510

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: includes :
(i) an association;
(ii) a joint stock company; and
(iii) an insurance company. See Utah Code 59-10-103
(2)  the names and addresses of all persons owning stock in the electing small business corporation at any time during the taxable year;

(3)  the number of shares of stock owned by each shareholder at all times during the taxable year to each shareholder;

(4)  the date of each distribution to a shareholder; and

(5)  other information as the commission may prescribe by:

(a)  form; or

(b)  administrative rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

Amended by Chapter 212, 2009 General Session

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