2006 Utah Code - 59-7-116 — 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(h), 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.

Enacted by Chapter 300, 1993 General Session
Enacted by Chapter 169, 1993 General Session