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Form 1120-H West Valley City Utah: What You Should Know

This is usually the case if state law specifies that a “sale” or “distribution” is a taxable event in respect of the property as long as that sale or distribution occurs within a certain period of time. In Utah, the taxable distribution cannot occur during or after the year. Thus, sales or dispositions of Section 1202 property may be taxed on their gross proceeds at the time of sale. Other state restrictions on taxable distribution of Section 1202 property also apply, so that sales or dispositions at other points in time may not cause a taxable distribution to occur at the sale or disposition. The first and most common example of a transaction that is taxable in Utah is a distribution from an S corporation to its shareholders as defined in Section 3106 of the Utah Code. For this purpose, a “distribution” means any transfer of control of an S corporation to an individual. A distribution also means (among additional examples) a transfer of all capital stock or voting stock to any other person. Other specific examples, if the distribution results in a sale or other disposition of the S corporation to a partnership, include the sale of all or substantially all the corporation's property to an unrelated person, or the sale of all or substantially all the corporation's business to an outside person, or the sale or exchange of all or substantially all the corporation's other property. Certain examples require that the transaction result in a sale or other disposition to the state.

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