59-7-118.  Section 965, Internal Revenue Code — Installment payments.

(1)  Subject to the other provisions of this section, a corporation may pay in installments the tax owed under this chapter on deferred foreign income described in Section 965, Internal Revenue Code.

Terms Used In Utah Code 59-7-118

  • 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
  • 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
  • return: includes a combined report. 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
  • taxable year: includes the period for which such return is made. See Utah Code 59-7-101
    • (2)  Subsection (1) applies:

    (a)  to a corporation that:

    (i)  is authorized to make an election under Section 965(h), Internal Revenue Code; and

    (ii)  apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and

    (b)  for a tax year in which a corporation makes an election under Section 965(h), Internal Revenue Code, for purposes of the corporation’s federal income tax.

    (3) 

    (a)  Except as provided in Subsection (3)(b), the same provisions that apply to an election made under Section 965(h), Internal Revenue Code, for federal purposes apply to an installment payment made under this section.

    (b)  A corporation shall make:

    (i)  the first installment under this section on or before the due date of the tax return filed under this chapter for the first taxable year in which the corporation reports deferred foreign income described in Section 965, Internal Revenue Code; and

    (ii)  a subsequent installment on or before the due date of the tax return filed under this chapter in each of the following seven years.

    Amended by Chapter 367, 2021 General Session

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