| << Previous Section (59-7-115) | Next Section (59-7-116.5) >> |
Revenue and Taxation | |
Corporate Franchise and Income Taxes | |
Section 116 | Taxation of regulated investment companies. |
|
59-7-116. Taxation of regulated investment companies. (1) A regulated investment company or a fund of such a company, as defined in Sections 851(a) or 851(g), Internal Revenue Code, which is organized under the laws of Utah, shall determine Utah taxable income as follows: (a) calculate investment company taxable income, as determined in Section 852(b)(2), Internal Revenue Code; (b) add any municipal interest and the exclusion of net capital gain provided in Section 852(b)(2)(A), Internal Revenue Code; and (c) subtract the deduction for the capital gain dividends and exempt interest dividends as defined in Sections 852(b)(3)(C) and 852(b)(5), Internal Revenue Code. (2) A regulated investment company which is organized under the laws of Utah or a fund of such a company, shall be taxed at the same rate and in the same manner as a corporation as provided in this chapter.
Amended by Chapter 250, 2008 General Session |
| << Previous Section (59-7-115) | Next Section (59-7-116.5) >> |