| (1) |
A group filing a combined report under Section 59-7-402 or 59-7-403 shall calculate unadjusted income of the combined group by:
Terms Used In Utah Code 59-7-404
| (a) |
computing unadjusted income on a separate return basis; |
| (b) |
combining income or loss of the members included in the combined report; and |
| (c) |
making appropriate eliminations and adjustments between members included in the combined report. |
|
| (2) |
For purposes of this section, if an entity does not calculate federal taxable income, then unadjusted income shall be calculated based on the applicable federal tax laws. |
Amended by Chapter 83, 1994 General Session
