Source: https://portal.ct.gov/DRS/Publications---Rulings/1999/Ruling-994-Income-Tax
Timestamp: 2018-12-10 06:10:01
Document Index: 234191140

Matched Legal Cases: ['§103', '§103', '§103', '§852', '§12', '§12']

Ruling 994 Income Tax
Current: Ruling 99-4, Income Tax
Certain of the Portfolios will invest in State or local bonds ("the State or Local Bonds"), as defined in 26 U.S.C. §103(c)(1)(endnote 3), the interest income from which is excluded from gross income under 26 U.S.C. §103(a). A Portfolio’s distribution to an Investor, to the extent properly allocable to interest income received or accrued by the Trust in respect of the State or Local Bonds, will be excludible from the Investor’s income under 26 U.S.C. §103(a). Payment by an Investor that is a regulated investment company of a dividend to a regulated investment company shareholder will, to the extent properly allocable to interest income received or accrued by the Investor in respect of the State or Local Bonds, be an exempt-interest dividend, as defined in 26 U.S.C. §852(b)(5) (endnote 4).
A similar amount is required to be taken into account pursuant to Conn. Gen. Stat. §12-701(a)(10)(A)(ii) in computing the Connecticut fiduciary adjustment(endnote 9). The share of a trust or estate, as determined under Conn. Gen. Stat. §12-716(endnote 10), in the Connecticut fiduciary adjustment is added to or subtracted from, as the case may be, the federal taxable income of the fiduciary of such trust or estate (endnote 11).