Rental income from real property located outside Connecticut or gain from the sale of such property is not taxable. Any loss connected with such property is not deductible. In Column 1 and Column 2, list the exact locations both in and outside of Connecticut where you carry on business. Schedule B Complete this schedule if business is carried on both in and outside of Connecticut and you do not maintain accounts clearly reflecting the Connecticut operations of the business. Enter in Column B the average value of real property located in Connecticut.
Real property includes assets of a fixed nature such as buildings and land.
The average value of property is determined by adding its fair market value at the beginning and at the end of the taxable year, and dividing the result by two. The average value of real property rented by the business and to be included in Line 2 generally is eight times the gross rent payable during the taxable year for which the return is filed. However, if a building is erected on leased land by or on behalf of the business, the value of the building is determined in the same manner as if it were owned by the business. Enter in Column B the average value of tangible personal property located in Connecticut that is owned by or rented from others by the business. If tangible personal property is rented, multiply the gross rents payable during the taxable year by eight.