2020 Utah TC-20S Instructions11 Line 23 – Sum of Beginning and Ending Asset Values Add lines 21 and 22 for each respective column. Line 24 – Average Asset Values Divide line 23 by 2 for each column. Line 25 – Non-Utah Nonbusiness Asset RatioWhat are the tax requirements for form tc-20s?
form TC-20 must pay a minimum tax (privilege tax) of $100, regardless of whether or not the corporation exercises its right to do business. S Corporation Every S corporation (as deﬁ ned in IRC §1361(a)) that has ﬁ led a proper and timely election under IRC §1362(a) must ﬁ le form TC-20S, so long as the federal election remains in effect.How to report Utah investment interest expense on 2020 Utah tc-20s?
2020 Utah TC-20S Instructions20 Line 14 – Utah Investment Interest Expense For a Utah resident shareholder, enter the amount from their federal Schedule K-1, box 12, code H. For a nonresident shareholder, enter the pro rata share of apportioned Utah investment interest expense included in the amount reported on Utah Schedule A, line 12.What is nonbusiness income on form tc-20 Utah?
2020 Utah TC-20 Instructions18 Schedule H – Nonbusiness Income Net of Expenses Complete TC-20, Schedule H to determine nonbusiness income allocated to Utah and outside Utah. Nonbusiness income is all income that does not arise from the conduct of a taxpayer's trade or business operations.