59-10-1404.5 - Resident pass-through entity taxpayer's share of an addition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of a pass-through entity - Utah Statutes

59-10-1404.5. Resident pass-through entity taxpayer's share of an addition,subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit ofa pass-through entity.
(1) In determining the taxable income of a resident pass-through entity taxpayer, an addition,subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit of apass-through entity shall be made in accordance with this section.
(2) For a resident pass-through entity taxpayer of a pass-through entity except for apass-through entity that is an S corporation, the resident pass-through entity taxpayer's share of anaddition, subtraction, or adjustment that relates to an item of income, gain, loss, deduction, or credit is:
(a) if the item of income, gain, loss, deduction, or credit is required to be taken into accountseparately for federal income tax purposes, the resident pass-through entity taxpayer's distributive shareof the item of income, gain, loss, deduction, or credit:
(i) for federal income tax purposes; and
(ii) determined under Section 704 et seq., Internal Revenue Code; or
(b) if the item of income, gain, loss, deduction, or credit is not required to be taken intoaccount separately for federal income tax purposes, determined in accordance with the residentpass-through entity taxpayer's distributive share of income, gain, loss, deduction, or credit:
(i) relating to the pass-through entity generally;
(ii) for federal income tax purposes; and
(iii) under Section 704 et seq., Internal Revenue Code.
(3) For a resident pass-through entity taxpayer of a pass-through entity that is an Scorporation, the resident pass-through entity taxpayer's share of an addition, subtraction, or adjustmentthat relates to an item of income, gain, loss, deduction, or credit is:
(a) if the item of income, gain, loss, deduction, or credit is required to be taken into accountseparately for federal income tax purposes, the resident pass-through entity taxpayer's pro rata share ofthe item of income, gain, loss, deduction, or credit:
(i) for federal income tax purposes; and
(ii) determined under Section 1366 et seq., Internal Revenue Code; or
(b) if the item of income, gain, loss, deduction, or credit is not required to be taken intoaccount separately for federal income tax purposes, determined in accordance with the residentpass-through entity taxpayer's pro rata share of the item of income, gain, loss, deduction, or credit:
(i) relating to the pass-through entity generally;
(ii) for federal income tax purposes; and
(iii) under Section 1366 et seq., Internal Revenue Code.

Enacted by Chapter 312, 2009 General Session