2006 Utah Code - 59-10-126 — Certain associations not subject to tax -- Taxation of unrelated business income.

     59-10-126.   Certain associations not subject to tax -- Taxation of unrelated business income.
     (1) An association, trust, or other unincorporated organization that is taxable as a corporation for federal income tax purposes shall not be subject to the tax imposed by this chapter, but shall be subject to the provisions of Title 59, Chapter 7.
     (2) To the extent an association, trust, or other unincorporated organization which by reason of its purposes or activities is exempt from federal income tax, it shall be exempt from the tax imposed by this chapter, but to the extent that such an otherwise exempt organization has, or is treated as having, income subject to tax for federal tax purposes, it shall be subject to the provisions of Title 59, Chapter 7.

Amended by Chapter 311, 1995 General Session