| (ii) | more than 50% of the voting power or value of the shares or beneficial interests of the real estate investment trust are directly, indirectly, or constructively:| (A) | owned by a controlling entity of the real estate investment trust; or |
| (B) | controlled by a controlling entity of the real estate investment trust. See Utah Code 59-7-101Income: includes losses. See Utah Code 59-7-101Internal 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 59-7-101Real estate investment trust: means the same as that term is defined in Section 856, Internal Revenue Code. See Utah Code 59-7-101 |
| (2) |
Any income taxable under this section shall be taxed at the same rate and in the same manner provided for in this chapter. |
Amended by Chapter 389, 2008 General Session
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