(iii) | as calculated in accordance with 3, has:(A) | at least $1,000,000 of payroll located outside the United States; and |
(B) | at least $2,000,000 of property located outside the United States. See Utah Code 59-7-101Income: includes losses. See Utah Code 59-7-101Property: includes both real and personal property. See Utah Code 68-3-12.5Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101Threshold level of business activity: means business activity in the United States equal to or greater than 20% of the corporation's total business activity as determined under Section 59-7-401. See Utah Code 59-7-101United States: includes the 50 states and the District of Columbia. See Utah Code 59-7-101 |
(2) |
(a) |
Any taxpayer who would ordinarily be required to apportion business income in accordance with 3, shall use a two-factor formula of property and payroll. |
(b) |
The results of the property and payroll factor computation shall be divided by two, or by one if either the property or payroll factor has a denominator of zero. |
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Amended by Chapter 225, 2005 General Session
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