Income tax treatment of a pass-through entity -- Returns -- Classification same as under Internal Revenue Code.
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(1) Subject to Subsection (3), a pass-through entity is not subject to a tax imposed by this chapter.
(2) Except as provided in Section 59-10-1403.3, the income, gain, loss, deduction, or credit of a pass-through entity shall be passed through to one or more pass-through entity taxpayers as provided in this part.
(3) A pass-through entity is subject to the return filing requirements of Sections 59-10-507, 59-10-514, and 59-10-516.
(4) For purposes of taxation under this title, a pass-through entity that transacts business in the state shall be classified in the same manner as the pass-through entity is classified for federal income tax purposes.