59-10-1404 - Character of an item of income, gain, loss, deduction, or credit.
59-10-1404. Character of an item of income, gain, loss, deduction, or credit.
Regardless of whether or how an item of income, gain, loss, deduction, or credit ischaracterized for federal income tax purposes, that item of income, gain, loss, deduction, or credit isfrom the same source and incurred in the same manner for a pass-through entity taxpayer as if the itemof income, gain, loss, deduction, or credit is:
(1) realized directly from the source from which the item of income, gain, loss, deduction, orcredit is realized by the pass-through entity; or
(2) incurred in the same manner as incurred by the pass-through entity.
Amended by Chapter 312, 2009 General Session