Utah Code 59-7-113. Allocation of income and deductions between several corporations controlled by same interests
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Terms Used In Utah Code 59-7-113
- Doing business: includes any transaction in the course of business by a domestic corporation or by a foreign corporation qualified to do or doing business in this state. See Utah Code 59-7-101
- Income: includes losses. See Utah Code 59-7-101
- 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
If two or more corporations (whether or not organized or doing business in this state, and whether or not affiliated) are owned or controlled directly or indirectly by the same interests, the commission is authorized to distribute, apportion, or allocate gross income or deductions between or among such corporations, if it determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such corporations.
Repealed and Re-enacted by Chapter 169, 1993 General Session