(1) Except as provided in Section 59-7-403, if any corporation listed in Subsection 59-7-101(40)(a) is doing business in Utah, the unitary group shall file a water's edge combined report. (2) (a) A group of corporations that are not otherwise a unitary group may elect to file a water's edge combined report if each member of the group is: (i) doing business in Utah; (ii) part of the same affiliated group; and (iii) qualified, under Section 1501, Internal Revenue Code, to file a federal consolidated return. (b) Each corporation within the affiliated group that is doing business in Utah must consent to filing a combined report. If an affiliated group elects to file a combined report, each corporation within the affiliated group that is doing business in Utah must file a combined report. (c) Corporations that elect to file a water's edge combined report under this section may not thereafter elect to file a separate return without the consent of the commission.
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