2011 Utah Code
Title 59 Revenue and Taxation
Chapter 10 Individual Income Tax Act
Section 1028 Nonrefundable tax credit for capital gain transactions on the exchange of gold and silver coin for another form of legal tender.

59-10-1028. Nonrefundable tax credit for capital gain transactions on the exchange of gold and silver coin for another form of legal tender.
(1) As used in this section:
(a) "Capital gain transaction" means a transaction that results in a:
(i) short-term capital gain; or
(ii) long-term capital gain.
(b) "Long-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(c) "Short-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(2) Except as provided in Section 59-10-1002.2, for taxable years beginning on or after January 1, 2012, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the product of:
(a) to the extent a capital gain is not offset by a capital loss under Chapter 1, Subchapter P, Capital Gains and Losses, Internal Revenue Code, the total amount of the claimant's, estate's, or trust's short-term capital gain or long-term capital gain on a capital gain transaction from an exchange made on or after January 1, 2012, of gold or silver coin issued by the federal government for another form of legal tender; and
(b) 5%.
(3) A claimant, estate, or trust may not carry forward or carry back a tax credit under this section.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules to implement this section.