Section 59-10-1403 - Income tax treatment of a pass-through entity - Returns -Classification same as under Internal Revenue Code(1) Subject to Subsection (3) and except as provided in Subsection 59-10-1403.2(2), a pass-through entity is not subject to a tax imposed by this chapter.(2) Except as provided in Section 59-10-1403.3, the income, gain, loss, deduction, or credit of a pass-through entity shall be passed through to one or more pass-through entity taxpayers as provided in this part.(3) A pass-through entity is subject to the return filing requirements of Sections 59-10-507, 59-10-514, and 59-10-516.(4) For purposes of taxation under this title, a pass-through entity that transacts business in the state shall be classified in the same manner as the pass-through entity is classified for federal income tax purposes.(5)(a) If a change is made in a pass-through entity's net income or loss on the pass-through entity's federal income tax return because of an action of the federal government, the pass-through entity shall file with the commission within 90 days after the date of a final determination of the action:(i) a copy of the pass-through entity's amended federal income tax return or federal adjustment; and(ii) an amended state income tax return that conforms with the changes made in the pass-through entity's amended federal income tax return.(b) If a change is made in a pass-through entity's net income on the pass-through entity's federal income tax return because the pass-through entity files an amended federal income tax return, the pass-through entity shall file with the commission, within 90 days after the date the taxpayer files the amended federal income tax return: (i) a copy of the pass-through entity's amended federal income tax return; and(ii) an amended state income tax return that conforms with the changes made in the pass-through entity's amended federal income tax return.(6)(a) A pass-through entity subject to the return filing requirements under Subsection (3), shall report on the pass-through entity's return: (i) whether the entity has filed a current annual report with the Division of Corporations; and(ii) the entity's commerce entity number.(b) Subsection (6)(a) does not apply to an individual, estate, or trust.Amended by Chapter 232, 2024 General Session ,§ 8, eff. 5/1/2024, app. 5/1/2024.Amended by Chapter 470, 2023 General Session ,§ 6, eff. 5/3/2023.Amended by Chapter 238, 2022 General Session ,§ 7, eff. 3/23/2022, with retrospective operation for a taxable year beginning on or after January 1, 2022.Amended by Chapter 367, 2021 General Session ,§ 36, eff. 5/5/2021.Amended by Chapter 270, 2017 General Session ,§ 2, eff. 5/9/2017.Amended by Chapter 87, 2016 General Session ,§ 5, eff. 5/10/2016, op. 1/1/2016.Amended by Chapter 312, 2009 General Session