§ 59-1-1302. Definitions.

(1) "Gross income" is as defined in Section 61, Internal Revenue Code.

(2) "Income tax" means a tax imposed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

(3) "Income tax return" means a return filed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

(4) "Listed transaction" means a reportable transaction that is the same as, or substantially similar to, a transaction or arrangement specifically identified as a listed transaction by the:

(a) United States Secretary of the Treasury in written materials interpreting the requirements of Section 6011, Internal Revenue Code; or

(b) commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(5) "Material advisor" is as defined in Section 6111, Internal Revenue Code.

(6) "Reportable transaction" means a transaction or arrangement that:

(a) is carried out through or invested in by one or more entities that:

(i) are organized in this state;

(ii) do business in this state;

(iii) derive gross income from sources within this state;

(iv) are subject to income tax; or

(v) are otherwise subject to the jurisdiction of this state; and

(b) is:

(i) a transaction or arrangement described in 26 C.F.R. Sec. 1.6011-4(b)(2) through (7); or

(ii) a reportable transaction as described by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(7) "Taxpayer" means a person that is required to file an income tax return.

(8) "Unitary group" is as defined in Section 59-7-101.

Amended by Chapter 382, 2008 General Session