Utah Utah Miscellaneous Corporations Income Tax Return

Utah Miscellaneous Corporations Income Tax Return
2023 TC-20MC, Utah Tax Return for Misc. Corporations
Clear form

2023

Utah Tax Return for
Miscellaneous Corporations

20341
9998

TC-20MC

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

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beginning -

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and ending -

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USTC
CO
ORIGINAL FORM

•

Amended Return (code 1-4)

•

Mark “X” if you filed federal form 8886

Corporation name
Address

Employer Identification Number

City

State

Foreign country (if not U.S.)

Telephone number

1

ZIP + 4

UT Incorporation/Qualification No.

Corporation return type - mark “X” for return type (see instructions):
•
Regulated Investment Company
•
Homeowners Association

•

•

•

Real Estate Investment Trust

•

Unrelated Business Income

One-day Target Corporation with
IRC Section 338 Election
Other

2

Tax - enter the amount calculated on Schedule A (see instructions)

• 2

3

Utah use tax

• 3

4

IRC 965(a) deferred foreign income installment amount

• 4

5

Total tax - add lines 2 through 4

• 5

6

Refundable credits - enter total from Schedule B (attach Schedule B)

• 6

7

Prepayments from Schedule E, line 4 (attach Schedule E)

• 7

8

Amended return only (see instructions)

• 8

9

Total refundable credits and prepayments - add lines 6 through 8

• 9

10 Tax Due - subtract line 9 from line 5 (not less than zero)

• 10

11 Penalties and interest (see instructions)

11

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

• 12

13 Overpayment - subtract the sum of lines 5 and 11 from line 9 (not less than zero)

• 13

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

• 14

15 Refund - subtract line 14 from line 13

• 15

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

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1st

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2nd

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3rd

•

4th

USTC USE ONLY

Under penalties of perjury, I declare to the best of my knowledge and belief, this return and 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
•

20342

Supplemental Information to be Supplied
by All Miscellaneous Corporations

TC-20MC
2023

Pg. 2

EIN
USTC ORIGINAL FORM

•

1

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

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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
•

2

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

/

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mm/dd/yyyy

•

3

/

/

mm/dd/yyyy

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/

mm/dd/yyyy

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mm/dd/yyyy

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

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mm/dd/yyyy

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mm/dd/yyyy

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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.

20343

Schedule A - Tax Calculation
EIN

TC-20MC, Sch. A
2023

Pg. 1

USTC ORIGINAL FORM

Part 1: Regulated Investment Company
1

Investment company taxable income/loss from federal form 1120-RIC

2

Municipal interest as determined in IRC Section 852(b)(2)

2

3

Exclusion of net capital gain as determined in IRC Section 852(b)(2)

3

4

Net taxable income/loss - add lines 1 through 3

5

Deduction for capital gain dividends as defined in IRC Section 852(b)(3)(C)

5

6

Exempt interest dividends as defined in IRC Section 852(b)(5)(A)

6

7

Utah taxable income/loss - subtract the sum of lines 5 and 6 from line 4

• 7

8

Initial tax - multiply line 7 by 4.65% (.0465) (not less than zero)

• 8

9

Minimum tax

10 Tax - enter the greater of line 8 or line 9
Enter this amount on TC-20MC, line 2
Attach a copy of federal form 1120-RIC to this return.

• 1

• 4

9

100.

• 10

Part 2: Real Estate Investment Trust
1

REIT taxable income/loss from federal form 1120-REIT

2

Income taxed for federal purposes under the IRC but not included in line 1 above

3

Net operating loss deduction from federal form 1120-REIT

• 3

4

Apportionable income/loss - add lines 1 through 3

• 4

5

Apportionment fraction - enter 1.000000, or TC-20, Schedule J, line 9 or 10, if applicable

6

Taxable income/loss - multiply line 4 by decimal on line 5

• 6

7

Utah losses carried forward from prior years (may not exceed 80% of line 6 - attach documentation)

• 7

8

Utah taxable income/loss - subtract line 7 from line 6

• 8

9

Initial tax - multiply line 8 by 4.65% (.0465) (not less than zero)

• 9

10 Minimum tax
11 Tax - enter the greater of line 9 or line 10
Enter this amount on TC-20MC, line 2.
Attach a copy of federal form 1120-REIT to this return.

• 1
2

5

10
• 11

100.

20344

Schedule A - Tax Calculation
EIN

TC-20MC, Sch. A
2023

Pg. 2

Part 3: Homeowners Association with IRC Section 528 Income
1

Taxable income/loss from federal form 1120-H

• 1

2

Tax - multiply line 1 by 4.65% (.0465) (not less than zero)
Enter this amount on TC-20MC, line 2.
Attach a copy of federal form 1120-H to this return.

• 2

Part 4: Unincorporated Exempt Organization or Exempt Corporation Having Unrelated Business Income
1

Total unrelated business taxable income/loss from federal form 990-T

• 1

2

Apportionment fraction - enter 1.000000, or TC-20, Schedule J, line 9 or 10, if applicable

3

Utah taxable income/loss - multiply line 1 by decimal on line 2

• 3

4

Tax - multiply line 3 by 4.65% (.0465) (not less than zero)
Enter this amount on TC-20MC, line 2
Attach a copy of federal form 990-T to this return.

• 4

2

Part 5: One-day Target Corporation with an IRC Section 338 Election
1

Gain/loss on deemed sale of assets

• 1

2

Apportionment fraction (see instructions)

3

Utah apportioned gain/loss - multiply line 1 by decimal on line 2

• 3

4

Utah losses carried forward from prior years (may not exceed 80% of line 3 - attach documentation)

• 4

5

Utah taxable gain/loss - subtract line 4 from line 3

• 5

6

Initial tax - multiply line 5 by 4.65% (.0465) (not less than zero)

• 6

7

Minimum tax

8

Tax - enter the greater of line 6 or line 7
Enter this amount on TC-20MC, line 2
Attach a copy of the federal return and IRS form 8023 to this return.

2

7
• 8

100.

20345

Schedule B - Refundable Credits

TC-20MC, Sch. B
2023

EIN

USTC ORIGINAL FORM

Refundable Credits
Enter the two-digit code and the amount of the refundable credit.
Code
39
43
46
47
48

Code
Renewable commercial energy systems
Pass-through entity withholding
Mineral production withholding tax credit
Agricultural off-highway gas/undyed diesel fuel
Farm operation hand tools

Amount

•
•
•
•

Total refundable credits - add all refundable credits

•

Schedule E - Prepayments of Any Type

TC-20MC, 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:

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Check no.:

3a

b Date:

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Check no.:

3b

c Date:

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Check no.:

3c

d Date:

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Check no.:

3d

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

3

Total prepayments - add lines 1 through 3
Enter here and on TC-20MC, line 7

4

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

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c

Inventory and supplies

• 1c

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d

Rented property

• 1d

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e

Other allowable property (see instructions)

• 1e

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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

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g

Services and other allowable sales (see instructions)

• 5g

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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