Water's edge combined report.

59-7-402. Water's edge combined report.

(1) Except as provided in Section, if any corporation listed in Subsectionis doing business in Utah, the unitary group shall file a water's edge combined report. 59-7-403 59-7-101(40)(a)

(2) A group of corporations that are not otherwise a unitary group may elect to file a water's edge combined report if each member of the group is: doing business in Utah; part of the same affiliated group; and qualified, under Section 1501, Internal Revenue Code, to file a federal consolidated return. Each corporation within the affiliated group that is doing business in Utah must consent to filing a combined report. If an affiliated group elects to file a combined report, each corporation within the affiliated group that is doing business in Utah must file a combined report. Corporations that elect to file a water's edge combined report under this section may not thereafter elect to file a separate return without the consent of the commission.