Utah § 59-7-118 - Section 965, Internal Revenue Code -- Installment payments.

Full text of Utah Utah Code § 59-7-118 — Section 965, Internal Revenue Code -- Installment payments., with citation guidance and answers to common questions.

§ 59-7-118. Section 965, Internal Revenue Code -- Installment payments.

Effective 5/5/2021
59-7-118.  Section 965, Internal Revenue Code -- Installment payments.
(1) Subject to the other provisions of this section, a corporation may pay in installments the tax owed under this chapter on deferred foreign income described in Section 965, Internal Revenue Code.
(2) Subsection (1) applies:
(a) to a corporation that:
(i) is authorized to make an election under Section 965(h), Internal Revenue Code; and
(ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and
(b) for a tax year in which a corporation makes an election under Section 965(h), Internal Revenue Code, for purposes of the corporation's federal income tax.
(3)
(a) Except as provided in Subsection (3)(b), the same provisions that apply to an election made under Section 965(h), Internal Revenue Code, for federal purposes apply to an installment payment made under this section.
(b) A corporation shall make:
(i) the first installment under this section on or before the due date of the tax return filed under this chapter for the first taxable year in which the corporation reports deferred foreign income described in Section 965, Internal Revenue Code; and
(ii) a subsequent installment on or before the due date of the tax return filed under this chapter in each of the following seven years.


Amended by Chapter 367, 2021 General Session

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Frequently Asked Questions About Utah § 59-7-118

What does Utah Code § 59-7-118 cover?

Section 59-7-118 ("Section 965, Internal Revenue Code -- Installment payments.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 59-7-118?

A common citation format is "Utah Code § 59-7-118" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 59-7-118 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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