Section 59-7-402 - Water's edge combined report(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.Amended by Chapter 368, 2021 General Session ,§ 3, eff. 5/5/2021, retrospective operation for: (1) the last taxable year of a taxpayer beginning on or before December 31, 2017; and (2) a taxable year beginning on or after January 1, 2018.Amended by Chapter 15, 2020SP6 General Session ,§ 3, eff. 8/31/2020, op. for a taxable year beginning on or after January 1, 2020.Amended by Chapter 466, 2019 General Session ,§ 5, eff. 5/14/2019, op. for a taxable year beginning on or after 1/1/2019.Amended by Chapter 418, 2019 General Session ,§ 4, eff. 5/14/2019, op. for a taxable year beginning on or after 1/1/2019.Amended by Chapter 312, 2009 General Session.