An electing small business corporation, as defined in Section 1362, Internal Revenue Code, shall make a return for each taxable year, stating specifically:

1. (1) the items of the electing small business corporation's gross income and the deductions allowable by Subtitle A, Internal Revenue Code;
2. (2) the names and addresses of all persons owning stock in the electing small business corporation at any time during the taxable year;
3. (3) the number of shares of stock owned by each shareholder at all times during the taxable year to each shareholder;
4. (4) the date of each distribution to a shareholder; and

5. (5) other information as the commission may prescribe by:

   1. (a) form; or
   2. (b) administrative rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

Amended by Chapter 182, 2025 General Session