59-7-402 - Water's edge combined report.
59-7-402. Water's edge combined report.
(1) Except as provided in Section 59-7-403, if any corporation listed in Subsection59-7-101(36)(a) is doing business in Utah, the unitary group shall file a water's edge combined report.
(2) (a) A group of corporations that are not otherwise a unitary group may elect to file awater's edge combined report if each member of the group is:
(i) doing business in Utah;
(ii) part of the same affiliated group; and
(iii) qualified, under Section 1501, Internal Revenue Code, to file a federal consolidated return.
(b) Each corporation within the affiliated group that is doing business in Utah must consent tofiling a combined report. If an affiliated group elects to file a combined report, each corporation withinthe affiliated group that is doing business in Utah must file a combined report.
(c) Corporations that elect to file a water's edge combined report under this section may notthereafter elect to file a separate return without the consent of the commission.
Amended by Chapter 312, 2009 General Session