§ 59-10-1403. Income tax treatment of a pass-through entity -- Returns -- Classification same as under Internal Revenue Code.

Latest version.

(1)	Subject to Subsection (3), a pass-through entity is not subject to a tax imposed by this chapter.

(2)	The income, gain, loss, deduction, or credit of a pass-through entity shall be passed through to one or more pass-through entity taxpayers as provided in this part.

(3)	A pass-through entity is subject to the return filing requirements of Section 59-10-507.

(4)	A pass-through entity that transacts business in the state shall be classified for purposes of taxation under this title in the same manner as the pass-through entity is classified for federal income tax purposes.

Amended by Chapter 312, 2009 General Session

                    
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