(1)  Except as provided in Subsections (2) and (3), installment sales shall be governed by Sections 453, 453A, and 453B, Internal Revenue Code.

Terms Used In Utah Code 59-7-112

  • 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 :
(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and
(b) other organizations that are taxed as corporations for federal income tax purposes under the Internal Revenue Code. See Utah Code 59-7-101
  • Internal Revenue Code: means Title 26 of the United States Code as effective during the year in which Utah taxable income is determined. See Utah Code 59-7-101
  • return: includes a combined report. See Utah Code 59-7-101
    • (2)  Installment sales entered into prior to January 1, 1994, shall be recognized as originally reported.

    (3)  If a corporation is no longer required to file a Utah corporate return, any taxes owed by that corporation on installment sales entered into by that corporation shall accelerate and be due on the corporation’s last return filed in Utah.

    Repealed and Re-enacted by Chapter 169, 1993 General Session

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