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Can you summarize UTAC R865-6f-32?
Franchise Tax > Taxation of Financial Institutions Pursuant to Utah Code Ann. Sections 59-7-302 through 59-7-321.
Short Summary
This legal document, titled ‘Taxation of Financial Institutions Pursuant to Utah Code Ann. Sections 59-7-302 through 59-7-321’, governs the taxation of financial institutions in the state of Utah. It provides definitions for various terms used in the document, including ‘billing address’, ‘borrower or credit card holder located in this state’, ‘commercial domicile’, ‘compensation’, ‘credit card’, ‘credit card issuer’s reimbursement fee’, ’employee’, ‘financial institution’, ‘gross rents’, ’loan’, ’loans secured by real property’, ‘merchant discount’, ‘participation’, ‘person’, ‘principal base of operations’, ‘real property owned’, ’tangible personal property owned’, ‘regular place of business’, ‘state’, ‘syndication’, ’taxable’, and ’transportation property’. The document also outlines the apportionment and allocation of net income for financial institutions, as well as the factors to consider in determining the receipts, property, and payroll factors. The document does not mention any exemptions or penalties for non-compliance.
Whom does it apply to?
Financial institutions as defined in the document
What does it govern?
Taxation of Financial Institutions
What are exemptions?
Exemptions are not mentioned in the document
What are the Penalties?
Penalties for non-compliance are not mentioned in the document
Jurisdiction
Utah