Free 2003 One-day Corporation Tax Return for Target Corporation TC-20 (338) - Utah

What's New?
· Interest Rate: The interest rate for the 2004 calendar year is 3 percent. · Payment Agreement Request: If a corporation owes taxes and is unable to pay all or a portion of the amount owed, the corporation may complete a "Payment Agreement Request," form TC-804B. The form can be obtained online at tax.utah.gov.

Important Information Regarding Extension of Time to File
An extension of time to file your tax return is NOT an extension of time to pay your taxes. Tax must be paid by the due date. You are automatically allowed an extension of up to six months to file your return. However, if the prepayment requirements have not been met on or before the original due date, penalties will be assessed. Need more information? Telephone (801) 297-2200 or 1-800-662-4335 Forms (801) 297-6700 or 1-800-662-4335 ext. 6700 You can find additional tax information and forms on the Tax Commission's web page, tax.utah.gov If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801) 297-3811 or Telecommunications Device for the Deaf (TDD) (801) 297-2020. Please allow three working days for a response.

Online Services
Visit our website for detailed tax information and all Utah State tax forms/instructions.

References
UCA: Utah Code Annotated IRC: Internal Revenue Code

tax.utah.gov
Pay tax due and make payments online with a credit card or e-check.

Need forms? Print online at tax.utah.gov, or call (801) 297-6700 or 1-800-662-4335, ext. 6700

paymentexpress.utah.gov

General Instructions and Information
Corporation Identification Numbers
The Utah State Tax Commission uses the Employer Identification Number (EIN) as the corporation's taxpayer identification number with the state. The Utah Department of Commerce issues a registration number upon incorporation or qualification in Utah. Enter the EIN and Utah Incorporation/Qualification Numbers in the fields provided. Include your EIN and Utah Incorporation/Qualification Number for proper identification of the corporate tax return or correspondence.

Apportionment Fraction
The gain or loss on the deemed sale of assets must be apportioned to Utah using the apportionment fraction, calculated to six decimals, of the target corporation, calculated on a separate entity basis for the most recent preceding taxable year consisting of 180 days or more.

Due Date
The due date of the one-day return is the same as the due date of the return that includes the taxable period of the target corporation immediately preceding the one-day return.

Who Must File
IRC Section 338
Transactions for which an election has been made or considered to be made for federal purposes under IRC Section 338 are treated as provided in UCA §59-7-114. An election is not available for state purposes unless an election is made or considered to be made for federal purposes.

Other
Corporations filing form TC-20 (338) should refer to the instructions for TC-20, "Corporation Franchise or Income Tax Return," to obtain information regarding extensions, penalties, interest and suspension for failure to file or to pay tax due.

One-day Utah Corporation Tax Return
If an election is made or considered to be made for federal purposes under IRC Section 338, other than under Subsection 338(h)(10), the target corporation must file a separate entity one-day tax return for state purposes, as is required for federal purposes. The target corporation must include in that return the gain or loss on the deemed sale of assets in its adjusted income (UCA §59-7-114). If an election is made for federal purposes under IRC Subsection 338(h)(10) or IRC Section 336(e), do not use this form, use form TC-20.

Corporation Changes
Corporation changes (e.g., name change, physical and/ or mailing address changes, merger or ceasing to do business in Utah) must be reported to both: Division of Corporations Department of Commerce 160 E 300 S Salt Lake City, UT 84145 and Master File Maintenance Utah State Tax Commission 210 N 1950 W Salt Lake City, UT 84134-3310

Instructions for Return
Rounding Off to Whole-Dollar Amounts
All entries must be reported in whole-dollar amounts.

Corporation Identification Numbers
Enter the Employer Identification Number (EIN) and Utah Incorporation/Qualification Number in the appropriate fields.

Corporation Name and Address Area
Enter the corporation name, address and telephone number. If the address has changed, check the physical address and/or mailing address box. To make additional changes, see "Corporation Changes" in the General Instructions.

Amended Returns
To amend a return, use the tax form and instructions for the year you are amending. Amend your return promptly if: 1. An error is discovered on your state or federal return after it has been filed; or

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2. Your federal return is audited or adjusted by the IRS and the IRS audit or adjustment affects your state return. You must report such changes or corrected net income within 90 days of the IRS's final determination. Do not submit an amended return for the purpose of claiming a loss carryback refund. The Tax Commission automatically calculates this. Any refund will be mailed to the corporation. To qualify for a refund or credit, an amended return must be filed within three years following the date the original return was filed. A return filed before the due date is considered filed on the due date. To amend a previously filed return, enter a number in the box titled "Enter code (1-4) for amended return" that best corresponds to your "REASON FOR AMENDING." See codes below:

Line 2 - Apportionment Fraction
Enter the apportionment fraction of the target corporation. See "General Instructions."

Line 3 - Utah Apportioned Gain or Loss
Line 1 multiplied by line 2.

Line 4 - Utah Net Losses Carried Forward
Utah net losses incurred by the target corporation in years beginning on or after Jan. 1 1994 may be carried forward up to 15 years and applied against income on the one-day corporation tax return. Any remaining target corporation losses are forfeited.

Line 5 - Utah Taxable Gain or Loss
Line 3 less line 4.

Line 6 - Tax
Line 5 multiplied by .05, or $100 minimum tax, whichever is greater.

The Reasons for Amending
1. You filed an amended return with the IRS. (Attach a copy of your amended federal return.) 2. You made an error on your state return. (Attach an explanation of the adjustments made.) 3. Federal audit adjustments that resulted in changes in federal taxable income were issued and became final. (Attach a copy of the IRS adjustment.) 4. Other (Attach explanation to return.) Complete the return, entering the corrected figures. Enter other amounts shown on the original return. When filing an amended return, enter the amount of tax paid with the original return and/or subsequent payments of the tax prior to filing the amended return less any previous refunds (exclude refund interest). Remember: Except for the amounts amended, the amounts entered on the return must match the original return.

Line 7 - Total Penalty and Interest
Enter any applicable penalty and interest amounts on the appropriate lines. Enter the total amount on this line. For help calculating penalties and interest, contact the Tax Commission at (801) 297-7790 or 1-800-662-4335, ext. 7790.

Line 8 - Total Tax and Penalties Due
Add lines 6 and 7.

Line 9 - Total Prepayments
Total of all prepayments made towards this return.

Line 10 - Total Remitted
If line 8 is larger than line 9, subtract line 9 from line 8. Make check or money order payable to the Utah State Tax Commission. Do not mail cash. The Tax Commission assumes no liability for loss of cash placed in mail.

Line 11 - Total Refund

Line-by-Line Instructions
Line 1 - Gain or Loss on Deemed Sale of Assets
Enter the gain or loss on the deemed sale of assets included in federal taxable income before net operating loss from the target corporation.

If line 9 is larger than line 8, subtract line 8 from line 9. This is the amount overpaid.

Signature and Date Lines
Sign and date the return. A refund will not be granted unless the return is signed and dated.

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