Form Instructions 1120-S (Schedule K-1) for Salt Lake Utah 2024-2025

Form Instructions 1120-S (Schedule K-1) for Salt Lake Utah: What You Should Know

Other rules apply to determine if the shareholder's share is taxed if a shareholder's income is  exempt from tax by reason of a partnership. See Utah Income Tax, earlier, Section 5. For information on the shareholder's share of Utah tax payable by other corporations, see the instructions to Form 1120-S, Schedule K-1. See Publication 926, Shareholders of Passive Organized Communities. Taxable income includes the following: The gross income of the corporation. If taxable income from the shareholder's share is less than zero, add the amount from the next higher rate column to the shareholder's taxable income column on the next page. If taxable income from the shareholder's share is greater than zero, zero is entered in the Tax Column for the next higher rate box. If the shareholder has only nonqualified income from a business the shareholder must exclude from the shareholder's gross income any nonqualified capital gains.

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