Utah Utah Corporation Franchise and Income Tax Return

Utah Corporation Franchise and Income Tax Return
2023 TC-20 Utah Corporation Franchise or Income Tax
Clear form

2023

Utah Corporation
Franchise and Income Tax Return

20301
9998

TC-20

For calendar year 2023 or fiscal year (mm/dd/yyyy):

/

beginning -

/

/

and ending -

/

USTC ORIGINAL FORM

•

Amended Return (code 1-4)

•

Mark “X” if you filed

Corporation name

•

Address

§59-7-303(3) election

Employer Identification Number

City

State

Foreign country (if not U.S.)

Telephone number

ZIP + 4

UT Incorporation/Qualification No.

1

If this corporation conducted any Utah business activity during the taxable year, enter “X”

• 1

2

If this corporation joined in a federal consolidated return, enter “X”

• 2

3

4

Mark “X” for

federal form 8886

Mark “X” (one only) if this
return constitutes a:

• 3a

“water’s edge”
combined report

• 3b

If this corporation made an election for any member of the federal affiliated group
during the taxable year, enter “X”
• 4a
IRC Section 338
• 4b

“water’s edge”
election under
UC §59-7-402(2)

• 3c

“worldwide”
combined report

IRC Section
338(h)(10)

• 4c

IRC Section 336(e)

5

If this return includes any financial institution defined by Tax Commission Rule R865-6F-32, enter “X”

• 5

6

Ultimate U.S. parent’s name

7

Total tax - enter amount from Schedule A, line 27

• 7

8

Total refundable credits and prepayments - enter amount from Schedule A, line 31

• 8

9

Tax Due - subtract line 8 from line 7 (not less than zero)

• 9

EIN

10 Penalties and interest (see instructions)

• 6

10

11 Total Due - Pay this amount - add line 9 and line 10

• 11

12 Overpayment - subtract the sum of line 7 and line 10 from line 8 (not less than zero)

12

13 Amount of overpayment on line 12 to be applied to next taxable year

• 13

14 Refund - subtract line 13 from line 12

• 14

15 Mark “X” for each quarterly estimated prepayment
meeting an exception (attach documentation):

•

1st

•

2nd

•

3rd

•

4th

USTC USE ONLY

Under penalties of perjury, I declare to the best of my knowledge and belief,
this return and accompanying schedules are true, correct and complete.
SIGN

Signature of officer

Date

Title

HERE
Preparer’s signature
Paid
Preparer’s
Section

“X” if USTC may discuss
this return with preparer below:

Date

Preparer’s telephone number

Preparer’s PTIN
•

Firm’s name and address

Preparer’s EIN
•

20302

Supplemental information to be Supplied by All Corporations

TC-20
2023

EIN

Pg. 2

USTC ORIGINAL FORM

1

Date of incorporation:

/

/

State or country in which incorporated:

mm/dd/yyyy

2

If this corporation is dissolved or withdrawn, see Dissolution or Withdrawal in the General Instructions.

3

If this corporation at any time during its tax year owned more than 50 percent of the voting stock of another corporation(s),
provide the following for each corporation so owned. Attach additional pages if needed.
Name of corporation:
Address:
City, State, ZIP Code:
Percent of stock owned:

%

Date stock acquired:

/

/

mm/dd/yyyy

4

If more than 50 percent of the voting stock of this corporation is owned by another corporation, provide the following information
about the other corporation.
Name of corporation:
Address:
City, State, ZIP Code:
Percent of stock owned:

5

•

%

Check here if this corporation or its subsidiary(ies) had a change in control or ownership or acquired control or ownership of any other
legal entity this year.

6

Enter the location where the corporate books and records are maintained:

7

Enter the state or country of commercial domicile:

8

Enter the year-end date of the last year for which a federal examination has been completed:

/

/

mm/dd/yyyy

Under separate cover, send a summary and supporting schedules for all federal adjustments and the federal tax
liability for each year for which federal exam adjustments have not been reported to the Tax Commission. Include the
date of final determination. Send the information to:
Business Taxes and Discovery Division, Utah State Tax Commission, 210 North 1950 West, Salt Lake City, UT 84134-2000
•

9

Enter the year-end dates of years with federal examinations now in progress, and/or final determination of past examinations still pending.

/

/

mm/dd/yyyy

•

/

/

mm/dd/yyyy

/

/

mm/dd/yyyy

/

/

mm/dd/yyyy

10 Enter the year-end dates of years for which extensions for proposing additional assessments of federal tax were agreed to with the
Internal Revenue Service.

/

/

mm/dd/yyyy

/

/

mm/dd/yyyy

/

/

mm/dd/yyyy

/

/

mm/dd/yyyy

Note: Utah Code §59-7-519 extends the Statute of Limitations for tax assessment if federal exam adjustments are not fully reported.

20303

Schedule A - Utah Net Taxable Income and Tax Calculation
EIN

TC-20, Sch. A
2023

USTC ORIGINAL FORM

1

Unadjusted income/loss before NOL and special deductions from federal form 1120, line 28

• 1

2

Additions to unadjusted income from Schedule B, line 19

• 2

3

Add line 1 and line 2

4

Subtractions from unadjusted income from Schedule C, line 21

• 4

5

Adjusted income/loss - subtract line 4 from line 3

• 5

6

Utah net nonbusiness income from Schedule H, line 14

• 6

7

Non-Utah net nonbusiness income from Schedule H, line 28

• 7

8

Total nonbusiness income net of expenses - add line 6 and line 7

9

Apportionable income/loss before contributions deduction - subtract line 8 from line 5

3

8

10 Utah contributions deduction from Schedule D, line 6

• 9
• 10

11 Apportionable income/loss - subtract line 10 from line 9

11

12 Apportionment fraction - enter 1.000000, or Schedule J, line 9 or 10, if applicable

12

13 Apportioned income/loss - multiply line 11 by line 12

• 13

14 Utah net nonbusiness income (from line 6 above)

14

15 Utah income/loss before Utah net loss deduction - add line 13 and line 14

• 15

16 Utah net loss carried forward from prior years (may not exceed 80% of line 15 - attach documentation)

• 16

17 Net Utah taxable income/loss - subtract line 16 from line 15

• 17

18 Calculation of tax (see instructions):
a

Multiply line 17 by 4.65% (.0465) (not less than zero)

b

Minimum tax - enter $100 or amount from Schedule M, line b

Tax amount - enter the greater of line 18a or line 18b

18a
• 18b
• 18

19 Interest on installment sales

• 19

20 IRC 965(a) deferred foreign income installment amount

• 20

21 Recapture of low-income housing credit

• 21

22 Total tax - add lines 18 through 21
Carry to Schedule A, page 2, line 23

• 22

Pg. 1

20304

Schedule A - Utah Net Taxable Income and Tax Calculation
EIN

TC-20, Sch. A
2023

USTC ORIGINAL FORM

23 Enter tax from Schedule A, page 1, line 22

23

24 Nonrefundable credits (see instructions or incometax.utah.gov/credits for codes)
Code
Amount
Code
Amount
• 24a

• 24b

• 24c

• 24d

• 24e

• 24f

Total nonrefundable credits - add lines 24a through 24f

• 24

25 Net tax - subtract line 24 from line 23 (cannot be less than line 18b or less than zero)

• 25

26 Utah use tax

• 26

27 Total tax - add line 25 and line 26
Enter here and on TC-20, line 7

• 27

28 Refundable credits (see instructions or incometax.utah.gov/credits for codes)
Code
Amount
Code
Amount
• 28a

• 28b

• 28c

• 28d

Total refundable credits - add lines 28a through 28d

• 28

29 Prepayments from Schedule E, line 4

• 29

30 Amended return only (see instructions)

• 30

31 Total refundable credits and prepayments - add lines 28 through 30
Enter here and on TC-20, line 8

• 31

Pg. 2

20305

Schedule B - Additions to Unadjusted Income
EIN

TC-20, Sch. B
2023

USTC ORIGINAL FORM

1

Interest from state obligations

• 1

2

a

Income taxes paid to any state

• 2a

b

Franchise or privilege taxes paid to any state

• 2b

c

Corporate stock taxes paid to any state

• 2c

d

Any income, franchise or capital stock taxes imposed by a foreign country

• 2d

e

Business and occupation taxes paid to any state

• 2e

3

Safe harbor lease adjustments

• 3

4

Capital loss carryover

• 4

5

Federal deductions taken previously on a Utah return

• 5

6

Federal charitable contributions from federal form 1120, line 19

• 6

7

Gain/loss on IRC Sections 338(h)(10) or 336(e)

• 7

8

Adjustments due to basis difference

• 8

9

Expenses attributable to 50 percent unitary foreign dividend exclusion

• 9

10 Installment sales income previously reported for federal but not Utah purposes

• 10

11 Nonqualified withdrawal from my529

• 11

12 Income/loss from IRC Section 936 corporations

• 12

13 Foreign income/loss for worldwide combined filers

• 13

14 Income/loss of unitary corporations not included in federal consolidated return

• 14

15 Deductions for a royalty or other expense paid to an entity related by common ownership (see instructions)

• 15

16 Payroll Protection Program grant or loan addback (see instructions)

• 16

17 (Reserved, see instructions)

• 17

18 (Reserved, see instructions)

• 18

19 Total additions - add lines 1 through 18
Enter here and on Schedule A, line 2

• 19

20306

Schedule C - Subtractions from Unadjusted Income
EIN

TC-20, Sch. C
2023

USTC ORIGINAL FORM

1

Intercompany dividend elimination (see instructions)

• 1

2

Foreign dividend gross-up

• 2

3

Net capital loss

• 3

4

a

Federal jobs credit salary reduction

• 4a

b

Federal research and development credit expense reduction

• 4b

c

Federal orphan drug credit clinical testing expense reduction

• 4c

d

Expense reduction for other federal credits (attach schedule)

• 4d

e. Federal qualified tax credit bond credit, income increase

• 4e

f.

• 4f

Federal qualified zone academy bond credit, income increase

5

Safe harbor lease adjustments

• 5

6

Federal income previously taxed by Utah

• 6

7

Fifty percent exclusion for dividends from unitary foreign subsidiaries

• 7

8

Fifty percent exclusion for foreign operating company income/loss

• 8

9

Gain/loss on stock sale not recognized for federal purposes (but included in taxable income)
when IRC Section 338(h)(10) or 336(e) has been elected

• 9

10 Basis adjustments

• 10

11 Interest expense not deducted on federal return under IRC Section 265(b) or 291(e)

• 11

12 Dividends received from admitted insurance company subsidiaries exempt under UC §59-7-102(1)(c)

• 12

13 Contributions to my529 account(s)

• 13

14 (Reserved, see instructions)

• 14

15 Dividends received or deemed received by a member of the unitary group from a captive REIT

• 15

16 IRC Section 857(b)(2)(E) deduction from a captive REIT

• 16

17 FDIC Premiums disallowed as a deduction for federal income tax purposes

• 17

18 (Reserved, see instructions)

• 18

19 (Reserved, see instructions)

• 19

20 (Reserved, see instructions)

• 20

21 Total subtractions - add lines 1 through 20
Enter here and on Schedule A, line 4

• 21

20307

Schedule D - Utah Contributions Deduction

TC-20, Sch. D
2023

EIN

USTC ORIGINAL FORM

1

• 1

2

Apportionable income before contributions deduction from Schedule A, line 9
If a loss, no contribution deduction is allowed
Utah contribution limitation - multiply line 1 by 10% (.10) (not less than zero)

3

Current year contributions

• 3

4

Utah contributions carryforward (attach schedule)

• 4

5

Total contributions available - add line 3 and line 4

5

6

Utah contributions deduction - lesser of line 2 or line 5
Enter here and on Schedule A, line 10

7

Contribution carryover to next year - subtract line 6 from line 5

2

• 6

• 7

Schedule E - Prepayments of Any Type

TC-20, Sch. E

1

Overpayment applied from prior year

1

2

/
/
Extension prepayment
Date:
Check no.:
Enter the date and amount of any extension prepayment. If paid by check, enter the check number.

2

3

Other prepayments (attach additional pages if necessary)
Enter the date and amount of any prepayment for the filing period. If paid by check, enter the check number.

4

a Date:

/

/

Check no.:

3a

b Date:

/

/

Check no.:

3b

c Date:

/

/

Check no.:

3c

d Date:

/

/

Check no.:

3d

Total of all prepayments - add lines 3a through 3d

3

Total prepayments - add lines 1 through 3
Enter here and on Schedule A, line 29

4

20361

Schedule H - Utah Nonbusiness Income Net of Expenses
EIN

USTC ORIGINAL FORM

TC-20, Sch. H
2023

Pg. 1

(use with TC-20,
TC-20S and TC-65)

Note: Failure to complete this form may result in disallowance of the nonbusiness income.
Part 1 - Utah Nonbusiness Income (nonbusiness income allocated to Utah)
A
B
C

D

Type of Utah

Acquisition Date of

Beginning Value of Investment Ending Value of Investment

Nonbusiness Income

Utah Nonbusiness

Used to Produce Utah

Used to Produce Utah

Asset(s)

Nonbusiness Income

Nonbusiness Income

1a

/

/

1b

/

/

1c

/

/

1d

/

/

1e

/

/

2

Total of column C and column D

3

Total Utah nonbusiness income - add column E for lines 1a through 1e

E
Utah Nonbusiness Income

Description of direct expenses related to:
4a

Line 1a above

4b

Line 1b above

4c

Line 1c above

4d

Line 1d above

4e

Line 1e above

Amount of Direct Expense

5

Total direct related expenses - add lines 4a through 4e

6

Utah nonbusiness income net of direct related expenses - subtract line 5 from line 3
Column A
Indirect Related Expenses for
Total Assets Used to Produce

Utah Nonbusiness Income
7 Beginning-of-year assets
(enter in Column A the amount from line 2, col. C)
8 End-of-year assets
(enter in Column A the amount from line 2, col. D)
9 Sum of beginning and ending asset values
(add line 7 and line 8)
10 Average asset value - divide line 9 by 2

•
Column B
Total Assets

Utah Nonbusiness Income

11 Utah nonbusiness assets ratio - line 10, Column A, divided by line 10, Column B (to four decimal places)
12 Interest expense deducted in computing Utah taxable income (see instructions)
13 Indirect related expenses for Utah nonbusiness income - multiply line 11 by line 12
14 Total Utah nonbusiness income net of expenses - subtract line 13 from line 6
Enter on:
TC-20, Schedule A, line 6;
TC-20S, Schedule A, line 8; or
TC-65, Schedule A, line 11

•

20362

Schedule H - Non-Utah Nonbusiness Income Net of Expenses
EIN

USTC ORIGINAL FORM

TC-20, Sch. H
2023

Pg. 2

(use with TC-20,
TC-20S and TC-65)

Part 2 - Non-Utah Nonbusiness Income (nonbusiness income allocated outside Utah)
A
B
C
D

E

Type of Non-Utah

Acquisition Date of

Beginning Value of Investment Ending Value of Investment

Non-Utah Nonbusiness

Nonbusiness Income

Non-Utah

Used to Produce Non-Utah

Used to Produce Non-Utah

Income

Nonbusiness Income

Nonbusiness Income

Nonbusiness Asset(s)

15a

/

/

15b

/

/

15c

/

/

15d

/

/

15e

/

/

16 Total of column C and column D
17 Total non-Utah nonbusiness income - add column E for lines 15a through 15e
Description of direct expenses related to:
18a

Line 15a above

18b

Line 15b above

18c

Line 15c above

18d

Line 15d above

18e

Line 15e above

Amount of Direct Expense

19 Total direct related expenses - add lines 18a through 18e
20 Non-Utah nonbusiness income net of direct related expenses - subtract line 19 from line 17
Column A
Column B
Indirect Related Expenses for
Total Assets Used to Produce Total Assets
Non-Utah Nonbusiness Income

•

Non-Utah Nonbusiness Income

21 Beginning-of-year assets
(enter in Column A the amount from line 16, col. C)
22 End-of-year assets
(enter in Column A the amount from line 16, col. D)
23 Sum of beginning and ending asset values
(add line 21 and line 22)
24 Average asset value - divide line 23 by 2
25 Non-Utah nonbusiness assets ratio - line 24, Column A, divided by line 24, Column B (to four decimal places)
26 Interest expense deducted in computing non-Utah taxable income (see instructions)
27 Indirect related expenses for non-Utah nonbusiness income - multiply line 25 by line 26
28 Total non-Utah nonbusiness income net of expenses - subtract line 27 from line 20
Enter on:
TC-20, Schedule A, line 7;
TC-20S, Schedule A, line 9; or
TC-65, Schedule A, line 12

•

20363

Schedule J - Apportionment Schedule

TC-20, Sch. J
2023

EIN

USTC ORIGINAL FORM

Pg. 1

(use with TC-20, TC-20S,
TC-20MC and TC-65)

Note: Use this schedule only if the entity does business in Utah and one or more other states and income must be apportioned to Utah.
Briefly describe the nature and location(s) of your Utah business activities:

Apportionable Income Factors
Column A
Inside Utah

1 Property Factor

2

Column B
Inside and Outside Utah

a

Land

• 1a

•

b

Depreciable assets

• 1b

•

c

Inventory and supplies

• 1c

•

d

Rented property

• 1d

•

e

Other allowable property (see instructions)

• 1e

•

f

Total tangible property - add lines 1a through 1e

• 1f

•

Property factor - divide line 1f, Column A, by line 1f, Column B (to six decimal places)

• 2

3 Payroll Factor
a
4

Total wages, salaries, commissions and other compensation

• 3a

Payroll factor - divide line 3a, Column A, by line 3a, Column B (to six decimal places)

•
• 4

5 Sales Factor

6

a

Total sales (gross receipts less returns and allowances)

• 5a

b

Sales delivered or shipped to Utah buyers from outside Utah

• 5b

c

Sales delivered or shipped to Utah buyers from within Utah

• 5c

d

Sales shipped from Utah to the United States government

• 5d

e

Sales shipped from Utah to buyers in states where the corp.
has no nexus (corporation not taxable in buyer’s state)

• 5e

f

Rent and royalty income

• 5f

•

g

Services and other allowable sales (see instructions)

• 5g

•

h

Total sales (add lines 5a through 5g)

• 5h

•

Sales factor - line 5h, Column A, divided by line 5h, Column B (to six decimals)
Continued on page 2

• 6

20364

Schedule J - Apportionment Schedule
EIN

USTC ORIGINAL FORM

TC-20, Sch. J
2023
(use with TC-20, TC-20S,
TC-20MC and TC-65)

Ź

7

All entities - enter your NAICS code here (see instructions)

• 7

Apportionment Fraction
Optional apportionment taxpayers (see instructions) complete Part 1 or Part 2.
Sales factor weighted taxpayers (see instructions) complete Part 2.

Part 1: Equally-Weighted Three Factor Formula (see instructions for those who qualify)
8

Total factors - add lines 2, 4 and 6

9

Calculate the Apportionment Fraction to SIX DECIMALS
Divide line 8 by 3 (or the number of factors present)

8
• 9

Part 2: Sales Factor Formula (see instructions for those who qualify)
10 Apportionment Fraction - enter the six-decimal sales factor from line 6

Enter the fraction from line 9 or line 10, above, as follows:
TC-20 filers: Enter on TC-20, Schedule A, line 12
TC-20S filers: Enter on TC-20S, Schedule A, line 12
TC-20MC filers: Enter on TC-20MC, Schedule A, where indicated
TC-65 filers: Enter on TC-65, Schedule A, line 15

• 10

Pg. 2

20308

Schedule M - Corporations Included in Combined Filing
EIN

TC-20, Sch. M
2023

Pg. 1

USTC ORIGINAL FORM

Instructions
*
List only corporations incorporated, qualified or doing business in Utah.
*
If you need more lines, use Schedule M, Supplemental Sheet (page 2 of this schedule).
*
Federal schedules may not be substituted, since they may include corporations excluded from Utah reporting.
*
Corporations required to file in Utah but not listed on this form will not be considered to have met the Utah filing requirement.
*
The minimum tax of $100 per corporation (including the parent corporation if incorporated, qualified or doing business in Utah) listed
on this schedule must be entered on Schedule A, line 18b.
Minimum Tax
a Total number of corporations incorporated, qualified or doing business in Utah
b

Multiply line a by $100 (minimum tax per corporation)
(Enter on Schedule A, line 18b)

Parent/Affiliate/Subsidiary Corporations Included in the Combined Filing
Utah Incorporation/
• EIN
Qualification Number
Name

• a
• b

Tax year-end (if
diff. than parent)

1

/

/

2

/

/

3

/

/

4

/

/

5

/

/

6

/

/

7

/

/

8

/

/

9

/

/

10

/

/

11

/

/

12

/

/

13

/

/

14

/

/

15

/

/

16

/

/

17

/

/

18

/

/

20309

Schedule M, Supplemental Sheet
EIN

TC-20, Sch. M
2023

Pg. 2

USTC ORIGINAL FORM

* See instructions on TC-20, Schedule M
* Add the corporations on each Supplemental Sheet to the total on Schedule M subject to the $100 minimum tax per corporation.
Parent/Affiliate/Subsidiary Corporations Included in the Combined Filing
Utah Incorporation/
• EIN
Qualification Number
Name

Tax year-end (if
diff. than parent)

1

/

/

2

/

/

3

/

/

4

/

/

5

/

/

6

/

/

7

/

/

8

/

/

9

/

/

10

/

/

11

/

/

12

/

/

13

/

/

14

/

/

15

/

/

16

/

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17

/

/

18

/

/

19

/

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20

/

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21

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22

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23

/

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24

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25

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