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Homeowners Association

The gain or loss on the deemed sale of assets must be

apportioned to Utah using the apportionment fraction,

A homeowners association incorporated in Utah (do-

calculated to six decimals, of the target corporation,

mestic), qualiﬁ ed in Utah (foreign), or doing business

calculated on a separate entity basis for the most recent

in Utah whether qualiﬁ ed or not, must ﬁ le a Utah form

preceding taxable year consisting of 180 days or more.

TC-20MC when it has taxable income for federal pur-

poses and has ﬁ led federal form 1120-H. Attach a copy

If an election is made for federal purposes under

of your federal form 1120-H to your Utah TC-20MC.

IRC §338(h)(10) or IRC §336(e), do not use form

Other detail schedules should NOT be included. The

TC-20MC, use form TC-20.

Auditing Division of the Tax Commission may request

Attach a copy of your federal return including the

these detail schedules at a later date.

IRC §338 gain or loss and federal form 8023 to your

Utah TC-20MC.

Regulated Investment Company (RIC)

Every regulated investment company (RIC) or fund of

Where to File

such company, as deﬁ ned in IRC §§851(a) or 851(g),

organized under the laws of Utah must ﬁ le a Utah form

Send the completed return with any payment to:

TC-20MC. Attach a copy of your federal form 1120-

RIC to your Utah TC-20MC. Other detail schedules

Utah State Tax Commission

should NOT be included. The Auditing Division of the

210 N 1950 W

Tax Commission may request these detail schedules

Salt Lake City, UT 84134-0300

at a later date.

Taxable Year

Real Estate Investment Trust (REIT)

The taxable year for Utah tax purposes must match the

Every real estate investment trust (REIT) or fund of such

taxable year used for federal tax purposes. When the

company, as deﬁ ned in IRC §856, registered or doing

taxable year changes for federal purposes, the taxable

business in Utah must ﬁ le a Utah form TC-20MC. Doing

year must be changed for Utah tax purposes.

business in Utah includes owning an interest in Utah

real property. Attach a copy of your federal form 1120-

REIT to your Utah TC-20MC. Other detail schedules

Due Date

should NOT be included. The Auditing Division of the

A return must be ﬁ led on or before the 15th day of the

Tax Commission may request these detail schedules

fourth month following the close of the taxable year.

at a later date.

If the due date falls on a Saturday, Sunday or legal

Exempt Corporation with

holiday, the due date becomes the next business day.

Unrelated Business Income

The due date for an exempt organization with unrelated

business income (TC-20MC, Schedule A, Part 4) is the

An exempt corporation incorporated in Utah (domestic),

same as the due date of its federal return.

qualiﬁ ed in Utah (foreign), or doing business in Utah

whether qualiﬁ ed or not, must ﬁ le a Utah form TC-20MC

The due date of the one-day return (TC-20MC, Schedule

when it has unrelated business income. Attach a copy

A, Part 5) is the same as the due date of the return that

of your federal form 990-T to your Utah TC-20MC.

includes the taxable period of the target corporation

Other detail schedules should NOT be included. The

immediately preceding the one-day return.

Auditing Division of the Tax Commission may request

these detail schedules at a later date.

Filing Extension

One-day Utah Corporation

Corporations are automatically allowed an extension

(IRC Section 338)

of up to six months to ﬁ le a return without ﬁ ling an

extension form. This is an extension of time to ﬁ le

Transactions for which an election has been made or

the return – NOT an extension of time to pay taxes.

considered to be made for federal purposes under

To avoid penalty, the prepayment requirements must

IRC §338 are treated as provided in UC §59-7-114.

be met on or before the original return due date and

An election is not available for Utah purposes unless

the return must be ﬁ led within the six-month extension

an election is made or considered to be made for

period.

federal purposes.

If an election is made or considered to be made for federal

Minimum Tax

purposes under IRC §338, other than under Subsection

There is a minimum tax (privilege tax) of $100 on every

338(h)(10), the target corporation must ﬁ le a separate

regular C corporation, regulated investment company

entity one-day Utah form TC-20MC, as is required for

and real estate investment trust regardless of whether

federal purposes. The target corporation must include in

the corporation exercises its right to do business. The

that return the gain or loss on the deemed sale of assets

minimum tax does not apply to S corporations, hom-

in its adjusted income (UC §59-7-114).

eowners associations, or exempt corporations with

unrelated business income.

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Instructions For Form Tc-20mc - Utah Tax Return For Miscellaneous Corporations - 2012 Page 4

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