| (1) |
A regulated investment company or a fund of such a company, as defined in Sections 851(a) or 851(g), Internal Revenue Code, which is organized under the laws of Utah, shall determine Utah taxable income as follows:
Terms Used In Utah Code 59-7-116- Income: includes losses. 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
| (a) |
calculate investment company taxable income, as determined in Section 852(b)(2), Internal Revenue Code; |
| (b) |
add any municipal interest and the exclusion of net capital gain provided in Section 852(b)(2)(A), Internal Revenue Code; and |
| (c) |
subtract the deduction for the capital gain dividends and exempt interest dividends as defined in Sections 852(b)(3)(C) and 852(b)(5), Internal Revenue Code. |
|
| (2) |
A regulated investment company which is organized under the laws of Utah or a fund of such a company, shall be taxed at the same rate and in the same manner as a corporation as provided in this chapter. |
Amended by Chapter 250, 2008 General Session
