59-7-116 - Taxation of regulated investment companies. - Utah Statutes

59-7-116. Taxation of regulated investment companies.
(1) A regulated investment company or a fund of such a company, as defined in Sections851(a) or 851(g), Internal Revenue Code, which is organized under the laws of Utah, shalldetermine 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 Section852(b)(2)(A), Internal Revenue Code; and
(c) subtract the deduction for the capital gain dividends and exempt interest dividends asdefined 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 fundof such a company, shall be taxed at the same rate and in the same manner as a corporation asprovided in this chapter.

Amended by Chapter 250, 2008 General Session