The Utah TC-20 form is the official document used by corporations to file their franchise and income tax returns in Utah. This form is essential for reporting taxable income and calculating tax liability for the calendar year 2020 or a specified fiscal year. Understanding how to accurately complete the TC-20 can significantly impact a corporation's tax obligations and potential refunds.
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The Utah TC-20 form is a crucial document for corporations operating within the state, as it serves as the Franchise and Income Tax Return for the tax year 2020. This form requires essential information such as the corporation's name, Employer Identification Number (EIN), and incorporation details. Corporations must indicate whether they conducted any business activities in Utah during the taxable year and if they are part of a federal consolidated return. The TC-20 also includes sections for financial institutions, tax calculations, and various elections that may affect tax liabilities. Corporations need to report their total tax, refundable credits, and any penalties or interest that may apply. Furthermore, the form requires details about ownership structures, including stock ownership in other corporations, and mandates the submission of supporting schedules for federal adjustments. Completing the TC-20 accurately ensures compliance with state tax regulations and facilitates the proper assessment of tax obligations.
20201
Utah Corporation
Franchise and Income Tax Return
9998
For calendar year 2022 or fiscal year (mm/dd/yyyy):
beginning -
/
and ending -
USTC ORIGINAL FORM
•
Amended Return (code 1-4)
Mark “X” if you filed •
Corporation name
federal form 8886
2022
TC-20
/ /
Mark “X” for §59-7-303(3) election
Address
Employer Identification Number
City
State
ZIP + 4
UT Incorporation/Qualification No.
Foreign country (if not U.S.)
Telephone number
1
If this corporation conducted any Utah business activity during the taxable year, enter “X”
2
If this corporation joined in a federal consolidated return, enter “X”
“water’s edge”
3
Mark “X” (one only) if this
election under
“worldwide”
return constitutes a:
• 3a
combined report
• 3b
UC §59-7-402(2)
3c
4If this corporation made an election for any member of the federal affiliated group
during the taxable year, enter “X”
IRC Section
• 4a
IRC Section 338
• 4b
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”
6
Ultimate U.S. parent’s name
EIN •
7
Total tax - enter amount from Schedule A, line 27
8
Total refundable credits and prepayments - enter amount from Schedule A, line 31
9
Tax Due - subtract line 8 from line 7 (not less than zero)
10
Penalties and interest (see instructions)
11
Total Due - Pay this amount - add line 9 and line 10
12
Overpayment - subtract the sum of line 7 and line 10 from line 8 (not less than zero)
13
Amount of overpayment on line 12 to be applied to next taxable year
14
Refund - subtract line 13 from line 12
15 Mark “X” for each quarterly estimated prepayment
1st
2nd
meeting an exception (attach documentation):
USTC USE ONLY
3rd
4th
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
“X” if USTC may discuss
HERE
this return with preparer below:
Preparer’s signature
Preparer’s telephone number
Preparer’s
PTIN
Paid
Firm’s name and address
EIN
Section
Supplemental information to be Supplied by All Corporations
Pg. 2
20202 EIN
1 Date of incorporation:
State or country in which incorporated:
mm/dd/yyyy
2If this corporation is dissolved or withdrawn, see Dissolution or Withdrawal in the General Instructions.
3If 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:
4If more than 50 percent of the voting stock of this corporation is owned by another corporation, provide the following information about the other corporation.
5Check 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.
6Enter the location where the corporate books and records are maintained:
7Enter 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:
Under separate cover, send a summary and supporting schedules for all federal adjustments and the federal tax liability for each year for which federal audit adjustments have not been reported to the Tax Commission. Include the date of final determination. Send the information to:
Auditing 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.
•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.
Note: Utah Code §59-7-519 extends the Statute of Limitations for tax assessment if federal audit adjustments are not fully reported.
Schedule A - Utah Net Taxable Income and Tax Calculation
TC-20, Sch. A
Pg. 1
20203
Unadjusted income/loss before NOL and special deductions from federal form 1120, line 28
• 1
Additions to unadjusted income from Schedule B, line 19
• 2
Add line 1 and line 2
4
Subtractions from unadjusted income from Schedule C, line 21
• 4
Adjusted income/loss - subtract line 4 from line 3
• 5
Utah net nonbusiness income from Schedule H, line 14
• 6
Non-Utah net nonbusiness income from Schedule H, line 28
• 7
Total nonbusiness income net of expenses - add line 6 and line 7
Apportionable income/loss before contributions deduction - subtract line 8 from line 5
• 9
Utah contributions deduction from Schedule D, line 6
• 10
Apportionable income/loss - subtract line 10 from line 9
Apportionment fraction - enter 1.000000, or Schedule J, line 9 or 10, if applicable
Apportioned income/loss - multiply line 11 by line 12
• 13
Utah net nonbusiness income (from line 6 above)
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 (see instructions and 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 4.85% (.0485) (not less than zero)
18a
b Minimum tax - enter $100 or amount from Schedule M, line b
• 18b
Tax amount - enter the greater of line 18a or line 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
• 22
Carry to Schedule A, page 2, line 23
20204 EIN
23
Enter tax from Schedule A, page 1, line 22
24
Nonrefundable credits (see instructions or incometax.utah.gov/credits for codes)
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
• 27
Enter here and on TC-20, line 7
28
Refundable credits (see instructions or incometax.utah.gov/credits for codes)
• 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
• 31
Enter here and on TC-20, line 8
Schedule B - Additions to Unadjusted Income
TC-20, Sch. B
20205
Interest from state obligations
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
Safe harbor lease adjustments
• 3
Capital loss carryover
Federal deductions taken previously on a Utah return
Federal charitable contributions from federal form 1120, line 19
Gain/loss on IRC Sections 338(h)(10) or 336(e)
Adjustments due to basis difference
• 8
Expenses attributable to 50 percent unitary foreign dividend exclusion
Installment sales income previously reported for federal but not Utah purposes
Nonqualified withdrawal from my529
• 11
Income/loss from IRC Section 936 corporations
• 12
Foreign income/loss for worldwide combined filers
Income/loss of unitary corporations not included in federal consolidated return
• 14
Deductions for a royalty or other expense paid to an entity related by common ownership (see instructions)
Payroll Protection Program grant or loan addback (see instructions)
(Reserved, see instructions)
Total additions - add lines 1 through 18
Enter here and on Schedule A, line 2
Schedule C - Subtractions from Unadjusted Income
20206 EIN
1Intercompany dividend elimination (see instructions)
2 Foreign dividend gross-up
3 Net capital loss
4a Federal jobs credit salary reduction
b Federal research and development credit expense reduction
c Federal orphan drug credit clinical testing expense reduction
d Expense reduction for other federal credits (attach schedule)
e.Federal qualified tax credit bond credit, income increase
f.Federal qualified zone academy bond credit, income increase
5 Safe harbor lease adjustments
6 Federal income previously taxed by Utah
7 Fifty percent exclusion for dividends from unitary foreign subsidiaries
8 Fifty percent exclusion for foreign operating company income/loss
9Gain/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
10Basis adjustments
11Interest expense not deducted on federal return under IRC Section 265(b) or 291(e)
12Dividends received from admitted insurance company subsidiaries exempt under UC §59-7-102(1)(c)
13Contributions to my529 account(s)
14(Reserved, see instructions)
15Dividends received or deemed received by a member of the unitary group from a captive REIT
16IRC Section 857(b)(2)(E) deduction from a captive REIT
17FDIC Premiums disallowed as a deduction for federal income tax purposes
18COVID-19 Utah grant funds included in unadjusted income
19(Reserved, see instructions)
20(Reserved, see instructions)
21Total subtractions - add lines 1 through 20
Enter here and on Schedule A, line 4
TC-20, Sch. C 2022
•1
•2
•3
•4a
•4b
•4c
•4d
•4e
•4f
•5
•6
•7
•8
•9
•10
•11
•12
•13
•14
•15
•16
•17
•18
•19
•20
•21
Schedule D - Utah Contributions Deduction
TC-20, Sch. D
20207 EIN
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)
Current year contributions
Utah contributions carryforward (attach schedule)
Total contributions available - add line 3 and line 4
Utah contributions deduction - lesser of line 2 or line 5
Enter here and on Schedule A, line 10
Contribution carryover to next year - subtract line 6 from line 5
Schedule E - Prepayments of Any Type
TC-20, Sch. E
Overpayment applied from prior year
Extension prepayment
Date:
Check no.:
Enter the date and amount of any extension prepayment. If paid by check, enter the check number.
3Other 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.
a Date:
3a
b Date:
3b
c Date:
d Date:
3d
Total of all prepayments - add lines 3a through 3d
4 Total prepayments - add lines 1 through 3
Enter here and on Schedule A, line 29
Schedule H - Utah Nonbusiness Income Net of Expenses
TC-20, Sch. H
20261 EIN
(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
E
Type of Utah
Acquisition Date of
Beginning Value of Investment
Ending Value of Investment
Utah Nonbusiness Income
Nonbusiness Income
Utah Nonbusiness
Used to Produce Utah
Asset(s)
1a
1b
1c
1d
1e
2Total of column C and column D
3Total Utah nonbusiness income - add column E for lines 1a through 1e
Description of direct expenses related to:
Amount of Direct Expense
4a
Line 1a above
4b
Line 1b above
Line 1c above
4d
Line 1d above
4e
Line 1e above
5Total direct related expenses - add lines 4a through 4e
Utah nonbusiness income net of direct related expenses - subtract line 5 from line 3
Column A
Column B
Indirect Related Expenses for
Total Assets Used to Produce
Total Assets
Beginning-of-year assets
(enter in Column A the amount from line 2, col. C)
8End-of-year assets
(enter in Column A the amount from line 2, col. D)
9Sum of beginning and ending asset values (add line 7 and line 8)
10Average asset value - divide line 9 by 2
11Utah nonbusiness assets ratio - line 10, Column A, divided by line 10, Column B (to four decimal places)
12Interest expense deducted in computing Utah taxable income (see instructions)
13Indirect 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
Schedule H - Non-Utah Nonbusiness Income Net of Expenses
20262 EIN
Part 2 - Non-Utah Nonbusiness Income (nonbusiness income allocated outside Utah)
Type of Non-Utah
Non-Utah Nonbusiness
Non-Utah
Used to Produce Non-Utah
Income
Nonbusiness Asset(s)
15a
15b
15c
15d
15e
16Total of column C and column D
17Total non-Utah nonbusiness income - add column E for lines 15a through 15e
Line 15a above
18b
Line 15b above
18c
Line 15c above
18d
Line 15d above
18e
Line 15e above
Total direct related expenses - add lines 18a through 18e
Non-Utah nonbusiness income net of direct related expenses - subtract line 19 from line 17
Non-Utah Nonbusiness Income
(enter in Column A the amount from line 16, col. C)
End-of-year assets
(enter in Column A the amount from line 16, col. D)
23Sum of beginning and ending asset values (add line 21 and line 22)
24Average asset value - divide line 23 by 2
25Non-Utah nonbusiness assets ratio - line 24, Column A, divided by line 24, Column B (to four decimal places)
26Interest expense deducted in computing non-Utah taxable income (see instructions)
27Indirect 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
TC-20, Schedule A, line 7;
TC-20S, Schedule A, line 9; or
TC-65, Schedule A, line 12
Schedule J - Apportionment Schedule
TC-20, Sch. J
20263 EIN
(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
Property Factor
Inside Utah
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)
Payroll Factor
Total wages, salaries, commissions and other compensation
Payroll factor - divide line 3a, Column A, by line 3a, Column B (to six decimal places)
Sales Factor
Total sales (gross receipts less returns and allowances)
5a
Sales delivered or shipped to Utah buyers from outside Utah
• 5b
Sales delivered or shipped to Utah buyers from within Utah
• 5c
Sales shipped from Utah to the United States government
• 5d
Sales shipped from Utah to buyers in states where the corp.
• 5e
has no nexus (corporation not taxable in buyer’s state)
Rent and royalty income
• 5f
g
Services and other allowable sales (see instructions)
• 5g
h
Total sales (add lines 5a through 5g)
• 5h
6 Sales factor - line 5h, Column A, divided by line 5h, Column B (to six decimals)
Continued on page 2
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