59-1-1302 - Definitions.
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, orsubstantially similar to, a transaction or arrangement specifically identified as a listed transactionby the:
(a) United States Secretary of the Treasury in written materials interpreting therequirements of Section 6011, Internal Revenue Code; or
(b) commission by rule made in accordance with Title 63G, Chapter 3, UtahAdministrative 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 accordancewith 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