Free 2000 TC-20(338) - Utah

Utah State Tax Commission

One-Day Corporate Tax Return for Target Corporation (For which an election has been made under IRC Section 338)

Form TC-20(338)

2000
210 N 1950 W SLC UT 84134 (801) 297-2200 1-800-662-4335 http://www.tax.ex.state.ut.us

What's New?
The Department of Commerce is re-issuing identification numbers for incorporation or qualification in the state of Utah. Each new number issued will consist of 6 or 7 digits followed by a 4-digit suffix. Enter the new identification number on all return forms where requested. If you have not yet received notification of your new identification number, enter your original 6-digit charter number.

Important Information Regarding Extension of Time to File
An extension of time to file your tax return is NOT an extension of time to pay your taxes. You must pay your tax due by the due date. You are automatically allowed an extension of up to six months to file your return. However, if the prepayment requirements have not been met on or before the original due date, penalties will be assessed. Need more information? Telephone (801) 297-2200 or 1-800-622-4335 Forms (801) 297-6700 or 1-800-622-4335 ext. 6700 You can find additional tax information and forms on the Tax Commission's web page, at: http://www.tax.ex.state.ut.us If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801) 297-3811 or Telecommunications Device for the Deaf (TDD) (801) 297-3819. Please allow three working days for a response.

General Instructions and Information
Corporation Identification Numbers
The Utah State Tax Commission uses the Employer Identification Number (EIN) as the corporation's taxpayer identification number with the state. The Utah Department of Commerce issues an identification number upon incorporation or qualification in Utah. Enter the EIN and Utah Incorporation/Qualification Numbers in the fields provided. Include your EIN or Utah Incorporation/Qualification Number for proper identification of the corporate tax return or correspondence.

Income Tax return, to obtain information regarding the following: extensions, penalties, interest, and suspension for failure to file or to pay tax due.

Corporation Changes
Corporation changes (e.g., name change, merger, or ceasing to do business in Utah) must be reported to both: Division of Corporations Department of Commerce 160 E 300 S Salt Lake City, UT 84145 and Tax Commission Master File Maintenance 210 N 1950 W Salt Lake City, UT 84134

Who Must File
IRC Section 338 Transactions for which an election has been made or considered to be made for federal purposes under IRC Section 338 are treated as provided in UCA §59-7-114. An election is not available for state purposes unless an election is made or considered to be made for federal purposes. One-day Utah Corporation Tax Return If an election is made or considered to be made for federal purposes under IRC Section 338, other than under Subsection 338(h)(10), the target corporation must file a separate entity one-day tax return for state purposes, as is required for federal purposes. The target corporation must include in that return the gain or loss on the deemed sale of assets in its adjusted income (UCA §59-7-114). If an election is made for federal purposes under IRC Subsection 338(h)(10) or IRC Section 336(e) do not use this form, use form TC-20.

Instructions for Return
Rounding Off to Whole-Dollar Amounts
All entries must be reported in whole-dollar amounts.

Corporation Name and Address Area
Enter the corporation name, address, and telephone number in the appropriate area of the return, form TC-20 (338). Check the box provided if there has been a change in the corporation's name or address since last year's filing. Make any necessary corrections to the name and address on the name and address lines provided.

Corporation Identification Numbers
Enter the Employer Identification Number (EIN) and Utah Incorporation/Qualification Numbers in the appropriate fields.

Apportionment Fraction
The gain or loss on the deemed sale of assets must be apportioned to this state using the apportionment fraction, calculated to six decimals, of the target corporation, calculated on a separate entity basis for the most recent preceding taxable year consisting of 180 days or more.

Amended Returns for 2000
An amended state return for 2000 should be filed promptly once you discover: 1. An error on your state or federal return after it has been filed; or 2. Your federal return is audited or adjusted by the IRS and the IRS audit or adjustment affects your state return. You must report such changes or corrected net income within 90 days of the IRS's final determination. If you need to amend a return for a tax year other than 2000, please use the tax form and instructions for the year you are amending. Do not submit an amended return for the purpose of claiming a loss carryback refund. This is automati-

Due Date
The due date of the one-day return is the same as the due date of the return that includes the taxable period of the target corporation immediately preceding the one-day return.

Other
Corporations filing form TC-20 (338) should refer to the instructions for TC-20, Corporation Franchise or

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cally calculated by the Tax Commission. Any refund will be mailed to the corporation. To qualify for a refund or credit, an amended return must be filed within three years following the date the original return was filed. A return filed before the due date is considered filed on the due date. To amend a previously filed 2000 income tax return: 1. Check the amended box located at the top of the return; and 2. Indicate the reason for amending by writing the number in the box provided on the return.

The Reasons for Amending
1. You filed an amended return with the Internal Revenue Service (attach a copy of your amended federal return); 2. You made an error on your state return (attach an explanation of the adjustments made); 3. Federal audit adjustments that resulted in changes in federal taxable income were issued and became final (attach a copy of the IRS adjustment); 4. Other (attach explanation to return). Complete the return entering the figures as corrected. Enter other amounts shown on the original return. When filing an amended return, enter the amount of tax paid with the original return and/or subsequent payments of the tax prior to filing this amended return less any previous refunds (exclude refund interest). Remember: Except for the amounts amended, the amounts entered on the return must match the original return. Line 1 ­ Gain or Loss on Deemed Sale of Assets Enter the gain or loss on the deemed sale of assets included in federal taxable income before net operating loss from the target corporation. Line 2 ­ Apportionment Fraction Enter the apportionment fraction of the target corporation. See General Instructions. Line 3 ­ Utah Apportioned Gain or Loss Line 1 multiplied by line 2. Line 4 ­ Utah Net Losses Carried Forward Utah net losses incurred by the target corporation in the five preceding taxable years that remain after all carrybacks have been applied may be carried forward into the one-day corporation tax return. Any remaining target corporation losses are forfeited. Line 5 ­ Utah Taxable Gain or Loss Line 3 less line 4. Line 6 ­ Tax Line 5 multiplied by .05, or $100 minimum tax, whichever is greater.

Line 7 ­ Total Penalty and Interest Enter any applicable penalty and interest amounts on the appropriate lines. Enter the total amount on this line. For help calculating penalties and interest, contact the Tax Commission at (801) 297-7790 or 1-800-662-4335. Line 8 ­ Total Tax and Penalties Due Add lines 6 and 7. Line 9 ­ Total Prepayments Total of all prepayments made towards this return. Line 10 ­ Total Remitted If line 8 is larger than line 9, subtract line 9 from line 8. Make check or money order payable to the Utah State Tax Commission. DO NOT MAIL CASH. THE TAX COMMISSION ASSUMES NO LIABILITY FOR LOSS OF CASH PLACED IN MAIL. Line 11 ­ Total Refund If line 9 is larger than line 8, subtract line 8 from line 9. This is the amount overpaid.

Signature and Date Lines
Signature and date lines are required for declaration of the returns accuracy. Refunds will not be granted on returns without signatures and dates.

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Utah State Tax Commission

One-day Corporation Tax Return for Target TC-20 Corporation (For which an election has been (338) made under IRC Section 338) Rev. 12/00
This return is for the calendar year ending Dec. 31, 2000, or fiscal year beginning ______________________ and ending _____________________. Check box if name or address changed. Corporation name Address AMENDED RETURN

2000

See page 2 for "THE REASONS FOR AMENDING" and enter the number in this box Employer Identification Number
Utah Incorporation/Qualification Number Telephone Number

(
City State ZIP Code

)

An election under IRC Section 338 is not available for state purposes unless an election is made or considered to be made for federal purposes. Attach a copy of federal return including the IRC Section 338 gain or loss and federal form 8023 or 8023A.

1. Gain or loss on deemed sale of assets 2. Apportionment fraction (see General Instructions) 3. Utah apportioned gain or loss (line 1 multiplied by line 2) 4. Losses carried forward from prior years (attach documentation)(see line 4 instruction) 5. Utah taxable gain or loss (line 3 less line 4) 6. Tax (line 5 multiplied by .05, or $100 minimum tax, whichever is greater)

1. $ 2. 3. $ 4. 5. 6. 7.

00 % 00 00 00 00 00

7. Total the penalties and interest listed below and enter on this line
Extension penalty $ Late filing penalty $ Interest $

Late payment penalty $

8. Total tax, penalty and interest due (add lines 6 and 7) 9. Total prepayments (attach schedule) 10. Total remitted (if line 8 is larger than line 9, subtract line 9 from line 8) Make check payable to: UTAH STATE TAX COMMISSION 11. Total refund (if line 9 is larger than line 8, subtract line 8 from line 9)

8. 9. 10. 11. $ $ Official Use Only

00 00 00 00

Under penalties of perjury, I declare that to the best of my knowledge and belief, this return and accompanying schedules are true, correct, and complete.
Signature of officer Preparer's signature Title Date Date signed Check if self-employed Preparer's SSN or PTIN Employer Identification Number City State ZIP code

Paid Firm's name (or yours if self-employed) Preparer's Section
Preparer's complete address