59-1-1303. Taxpayer disclosure of reportable transactions.
(1) A taxpayer is subject to this section for each taxable year in which: the taxpayer participates in a reportable transaction; the taxpayer: is included in a federal consolidated return under Sections 1501 and 1504(b), Internal Revenue Code; and participates in a reportable transaction; or the taxpayer is a member of a group that: is a unitary group; and participates in a reportable transaction.
(2) A taxpayer described in Subsectionshall disclose a reportable transaction to the commission in a manner required by the commission by rule made in accordance with. (1) Title 63G, Chapter 3, Utah Administrative Rulemaking Act If a taxpayer described in Subsectionis required to file a disclosure statement under 26 C.F.R. Sec. 1.6011-4, the taxpayer shall provide the commission a copy of that disclosure statement in a manner required by the commission by rule made in accordance with. (1) Title 63G, Chapter 3, Utah Administrative Rulemaking Act
(3) For a listed transaction entered into on or after January 1, 2004, but on or before December 31, 2006, a disclosure statement required by this section shall be attached to: the taxpayer's income tax return for the taxable year beginning on or after January 1, 2007, but beginning on or before December 31, 2007; and any amended income tax return that the taxpayer files for the taxable year beginning on or after January 1, 2007, but beginning on or before December 31, 2007; and subject to Subsection: (3)(b) the taxpayer's income tax return for any taxable year after the taxable year beginning on or after January 1, 2007, but beginning on or before December 31, 2007, for which there is a reduction in income tax as a result of the listed transaction; and any amended income tax return for any taxable year after the taxable year beginning on or after January 1, 2007, but beginning on or before December 31, 2007, for which there is a reduction in income tax as a result of the listed transaction. For purposes of Subsection, a reduction in income tax as a result of a listed transaction includes a loss, credit, or deduction if the loss, credit, or deduction results from a listed transaction that is carried forward or carried back. (3)(a)(ii)
(4) For a reportable transaction entered into on or after January 1, 2004, a disclosure statement required by this section shall be attached to an amended income tax return filed on or after January 1, 2007, if the filing of the amended income tax return reflects a determination by the Internal Revenue Service of the federal income tax treatment of the reportable transaction.
(5) For a reportable transaction entered into on or after January 1, 2007, a disclosure statement required by this section shall be attached to: the taxpayer's income tax return for the taxable year during which the transaction was entered into; and any amended income tax return that the taxpayer files for the taxable year during which the transaction was entered into; and subject to Subsection: (5)(b) the taxpayer's income tax return for any taxable year after the taxable year during which the transaction was entered into, for which there is a reduction in income tax as a result of the reportable transaction; and any amended income tax return for any taxable year after the taxable year during which the transaction was entered into, for which there is a reduction in income tax as a result of the reportable transaction. For purposes of Subsection, a reduction in income tax as a result of a reportable transaction includes a loss, credit, or deduction if the loss, credit, or deduction results from a reportable transaction that is carried forward or carried back. (5)(a)(ii)