59-7-303. Apportionable income.
(1) Any taxpayer having income from business activity which is taxable both within and without this state shall allocate and apportion the taxpayer's adjusted income as provided in this part.
(2) Any taxpayer having income solely from business activity taxable within this state shall allocate or apportion the taxpayer's entire adjusted income to this state.
(3) Notwithstanding Subsectionsand, for a taxable year beginning on or after January 1, 2022, a taxpayer may elect to treat all of the taxpayer's income from sales of intangible property as business income. (1) (2) A taxpayer shall make the election described in Subsectionon or before the deadline for filing a return under an extension of time described in Section. (3)(a) 59-7-505 An election under this Subsectionis irrevocable. (3)