59-7-112 - Installment sales.
59-7-112. Installment sales.
(1) Except as provided in Subsections (2) and (3), installment sales shall be governed bySections 453, 453A, and 453B, Internal Revenue Code.
(2) Installment sales entered into prior to January 1, 1994, shall be recognized asoriginally reported.
(3) If a corporation is no longer required to file a Utah corporate return, any taxes owedby that corporation on installment sales entered into by that corporation shall accelerate and bedue on the corporation's last return filed in Utah.
Repealed and Re-enacted by Chapter 169, 1993 General Session