Definitions

# (1)

"Gross income" is as defined in Section 61, Internal Revenue Code.

# (2)

"Income tax" means a tax imposed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

# (3)

"Income tax return" means a return filed under:

(a) Chapter 7, Corporate Franchise and Income Taxes; or

(b) Chapter 10, Individual Income Tax Act.

# (4)

"Listed transaction" means a reportable transaction that is the same as, or substantially similar to, a transaction or arrangement specifically identified as a listed transaction by the:

# (a)

United States Secretary of the Treasury in written materials interpreting the requirements of Section 6011, Internal Revenue Code; or

# (b)

commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

# (5)

"Material advisor" is as defined in Section 6111, Internal Revenue Code.

# (6)

"Reportable transaction" means a transaction or arrangement that:

# (a)

is carried out through or invested in by one or more entities that:

(i) are organized in this state;

(ii) do business in this state;

(iii) derive gross income from sources within this state;

(iv) are subject to income tax; or

(v) are otherwise subject to the jurisdiction of this state; and

# (b)

is:

(i) a transaction or arrangement described in 26 C.F.R. Sec. 1.6011-4(b)(2) through (7); or

(ii) a reportable transaction as described by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

# (7)

"Taxpayer" means a person that is required to file an income tax return.

# (8)

"Unitary group" is as defined in Section 59-7-101.