State Codes and Statutes
Statutes > Utah > Future-title-59 > Chapter-07 > 59-7-105-effective-01-01-1159-7-105 (Effective 01/01/11). Additions to unadjusted income.
In computing adjusted income the following amounts shall be added to unadjustedincome:
(1) interest from bonds, notes, and other evidences of indebtedness issued by any state ofthe United States, including any agency and instrumentality of a state of the United States;
(2) the amount of any deduction taken on a corporation's federal return for taxes paid bya corporation:
(a) to Utah for taxes imposed by this chapter; and
(b) to another state of the United States, a foreign country, a United States possession, orthe Commonwealth of Puerto Rico for taxes imposed for the privilege of doing business, orexercising its corporate franchise, including income, franchise, corporate stock and business andoccupation taxes;
(3) the safe harbor lease adjustment required under Subsections 59-7-111(1)(a) and(2)(a);
(4) capital losses that have been deducted on a Utah corporate return in previous years;
(5) any deduction on the federal return that has been previously deducted on the Utahreturn;
(6) the amount of contributions claimed as a tax credit pursuant to Section 59-7-602;
(7) the amount of the deduction taken pursuant to Section 59-7-603 for sophisticatedtechnological equipment;
(8) charitable contributions, to the extent deducted on the federal return whendetermining federal taxable income;
(9) the amount of gain or loss determined under Section 59-7-114 relating to a targetcorporation under Section 338, Internal Revenue Code, unless such gain or loss has already beenincluded in the unadjusted income of the target corporation;
(10) the amount of gain or loss determined under Section 59-7-115 relating tocorporations treated for federal purposes as having disposed of its assets under Section 336(e),Internal Revenue Code, unless such gain or loss has already been included in the unadjustedincome of the target corporation;
(11) adjustments to gains, losses, depreciation expense, amortization expense, andsimilar items due to a difference between basis for federal purposes and basis as computed underSection 59-7-107;
(12) the amount withdrawn under Title 53B, Chapter 8a, Utah Educational Savings Plan,from the account of a corporation that is an account owner as defined in Section 53B-8a-102, forthe taxable year for which the amount is withdrawn, if that amount withdrawn from the accountof the corporation that is the account owner:
(a) is not expended for:
(i) higher education costs as defined in Section 53B-8a-102; or
(ii) a payment or distribution that qualifies as an exception to the additional tax fordistributions not used for educational expenses provided in Sections 529(c) and 530(d), InternalRevenue Code; and
(b) is subtracted by the corporation:
(i) that is the account owner; and
(ii) in accordance with Subsection 59-7-106 (1)(r); and
(13) the amount of the deduction for dividends paid, as defined in Section 561, Internal
Revenue Code, that is allowed under Section 857(b)(2)(B), Internal Revenue Code, in computingthe taxable income of a captive real estate investment trust, if that captive real estate investmenttrust is subject to federal income taxation.
Amended by Chapter 6, 2010 General Session
Amended by Chapter 198, 2010 General Session
