Instructions For Form Tc-20s - Utah S Corporation Tax Return - 2012 Page 6
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28Portfolio Income
Interest, dividends, royalties, etc., earned in the ordinary
course of the trade or business of a pass-through entity
Portfolio income may be either business or nonbusi-
are not portfolio income.
ness income.
Example: Interest and dividends may be considered
For purposes of pass-through entities, generally, portfo-
portfolio income if the pass-through entity had funds that
lio income includes all gross income, other than income
were not used to further the trade or business and were
derived in the ordinary course of a trade or business
invested and generated interest or dividends. Interest
and Utah nonbusiness income taxable on the Utah
and dividends are not considered portfolio income if
return of a pass-through entity taxpayer.
the entity’s primary business activity is investing funds,
Portfolio income includes:
such as with a brokerage fi rm.
• interest;
Portfolio income is attributable to the resident state.
• dividends;
First Time Filers
• royalties;
A copy of the IRS letter of authorization, Notice of
• income from the disposition of property that produces
Acceptance as an S Corporation, must be attached
income of a type defi ned as portfolio income;
to the TC-20S, Utah S Corporation Tax Return, when
• income from the disposition of property held for
fi ling for the fi rst time. Also, enter the effective date of
investment; and
the election on TC-20S, line 1.
• income from a real estate investment trust, a
regulated investment company, a real estate mort-
gage investment conduit, a common trust fund, a
controlled foreign corporation, a qualifi ed electing
fund, or a cooperative.
TC-20S · Utah S Corporation
Tax Return Instructions
Filing Period
Foreign Country
File using the 2012 return for calendar year 2012 and
If your address is in a foreign country, enter the mailing
fi scal years beginning in 2012 and ending in 2013. If
address where indicated. Enter the foreign city, state/
the return is for a fi scal year or a short tax year (less
province and postal code in the City fi eld. Abbreviate if
than 12 months), fi ll in the tax year beginning and end
necessary. Leave the State and ZIP Code fi elds blank.
dates at the top of the form using the format mm/dd/yyyy.
Enter only the foreign country name in the Foreign country
fi eld. This is a Postal Service requirement.
Corporation Name and Address
EIN and Utah Incorporation/
Enter the corporate name, address and telephone num-
Qualification Number
ber, including area code. If the address has changed,
check the physical address and/or mailing address box.
Enter your federal Employer Identifi cation Number (EIN)
To make additional changes, see Corporation Changes
and Utah Incorporation/Qualifi cation Number issued by
in the General Instructions.
the Department of Commerce in the appropriate fi elds.
ZIP Code
Amended Returns
Enter your ZIP Code, including the “plus four” at the end,
Note: Do not submit a copy of your original return with
without a hyphen.
your amended return.
To amend a previously fi led return, use the tax forms and
instructions for the year you are amending. You can get
prior year forms and instructions at tax.utah.gov/forms.
Page 4
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