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Form 982 for Salt Lake Utah: What You Should Know

The Uniform voidable transaction act allows a taxpayer to avoid a transaction-related tax on certain transactions where the taxpayer has used a financial institution in a transaction that is voidable by state and local law to perform any of the following: • acquire, receive, sell, or receive in connection with a purchase, loan, advance, or security agreement, and • transfer property to a financial institution with intent to dispose of it in a trade or business; “Uniform voidable transaction act” states that “no transaction should be regarded as having been entered into unless it is exempt from, or has been reduced or eliminated by, federal, state, or local tax. (1) It is not a voidable transaction under the Uniform Voidable Transaction Act …” It is a voidable transaction to not enter into a transaction, the act states under section 1(a)(1). It states that: 1. A financial institution is a person that provides money or services (including, without limitation, accounts, check or draft services, transfers, or transfers by intercompany transfer, or by means of payment orders, securities, or securities certificates, or other payment instruments) which that person accepts or agrees that the recipient will use for the purpose of purchasing, leasing, accepting, transferring, exchanging, or exchanging property or services. (2) A financial institution that takes a position in trade or business may take steps in addition to entering into or accepting an order for money or services to make it clear to the ultimate recipient that the recipient will use the money or services for the purpose described in paragraph (1) of this section.” Under section 1(a)(1)(D), a financial institution must either “enter into a financial transaction that involves a person that the financial institution knows is prohibited from performing the transactions; or” ... “Accept or agree to accept, directly or indirectly, from an individual or a third party, a financial transaction that involves a person that the financial institution knows is prohibited from performing the transactions.” Under Utah (18 U.S.C. Sec. 1071(a)(6)). It is a “bilateral tax,” (i.e.

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