Terms Used In Utah Code > Title 59 > Chapter 7 > Part 4 - Combined Reporting

• Affiliated group: means one or more chains of corporations that are connected through stock ownership with a common parent corporation that meet the following requirements:

  (i)	at least 80% of the stock of each of the corporations in the group, excluding the common parent corporation, is owned by one or more of the other corporations in the group; and

  (ii)

  the common parent directly owns at least 80% of the stock of at least one of the corporations in the group. See Utah Code 59-7-101 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 Doing business: includes any transaction in the course of business by a domestic corporation or by a foreign corporation qualified to do or doing business in this state. See Utah Code 59-7-101 Foreign operating company: means a corporation that: (i)  is incorporated in the United States; (ii)  conducts at least 80% of the corporation's business activity, as determined under Section 59-7-401, outside the United States; and (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 59-7-101 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 Property: includes both real and personal property. See Utah Code 68-3-12.5 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 Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101 Threshold 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 59-7-101 Unadjusted income: includes deferred foreign income described in Section 965(a), Internal Revenue Code. See Utah Code 59-7-101 Unitary group: includes a captive real estate investment trust. See Utah Code 59-7-101 United States: includes the 50 states and the District of Columbia. See Utah Code 59-7-101 Worldwide combined report: means the combination of the income and activities of all members of a unitary group irrespective of the country in which the corporations are incorporated or conduct business activity. See Utah Code 59-7-101