reglab/housing_qa huggingface dataset:
CO Code § 39-22-323 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-323. Modification and Characterization of Income

  An S corporation's income attributable to the state shall, for the purposes of section 39-22-322, be subject to the modifications provided in section 39-22-304.    Each resident shareholder's pro rata share of the S corporation's income not attributable to the state shall, for the purposes of section 39-22-322 (2), be subject to the modifications provided in section 39-22-104.    The character of any S corporation item taken into account by a shareholder of an S corporation pursuant to section 39-22-322 (2) shall be determined as if such item were received or incurred by the S corporation and not its shareholder.     History. Source: L. 92: Entire section added, p. 2261, § 1, effective April 16.
CO Code § 39-22-324 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-324. Basis and Adjustments

 The basis in the hands of a shareholder of an S corporation in the stock of the S corporation and any indebtedness of the S corporation to the shareholder shall be determined in the manner provided under the internal revenue code.   History. Source: L. 92: Entire section added, p. 2261, § 1, effective April 16.
CO Code § 39-22-325 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-325. Carryforwards and Carrybacks - Loss Limitation

  Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in section 1371 (b) of the internal revenue code.    The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to section 39-22-323 (2) shall not exceed such shareholder's combined adjusted basis, as determined pursuant to section 39-22-324, in the stock of the S corporation and any indebtedness of the S corporation to such shareholder.    Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection (2) of this section shall be treated as incurred by the corporation in the succeeding taxable period with respect to that shareholder.      Any loss or deduction of an S corporation which is disallowed pursuant to subsection (2) of this section for the corporation's last taxable period as an S corporation shall be treated as incurred by a shareholder on the last day of any post-termination transition period.    The aggregate amount of losses and deductions taken into account by a shareholder pursuant to paragraph (a) of this subsection (4) shall not exceed such shareholder's adjusted basis in the stock of the corporation, as such adjusted basis is determined pursuant to section 39-22-324 at the close of the last day of any post-termination transition period and without regard to this subsection (4).         History. Source: L. 92: Entire section added, p. 2261, § 1, effective April 16.
CO Code § 39-22-326 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-326. Part-Year Residence

 For the purposes of this subpart 2, if a shareholder of an S corporation is both a resident and a nonresident of this state during any taxable period, such shareholder's pro rata share of the S corporation's income attributable to the state and income not attributable to the state for the taxable period shall be further prorated between such shareholder's periods of residence and nonresidence during the taxable period, in accordance with the number of days in each period.   History. Source: L. 92: Entire section added, p. 2262, § 1, effective April 16.
CO Code § 39-22-327 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-327. Distributions

 A distribution made by an S corporation with respect to its stock to a shareholder shall be taken into account by such shareholder for the purposes of section 39-22-104 to the extent that the distribution is determined to be taxable under the internal revenue code.   History. Source: L. 92: Entire section added, p. 2262, § 1, effective April 16.
CO Code § 39-22-328 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-328. Returns

 An S corporation which engages in activity in this state shall be subject to the requirements of section 39-22-601 (2.5).   History. Source: L. 92: Entire section added, p. 2262, § 1, effective April 16.
CO Code § 39-22-329 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-329. Tax Credits

  For the purposes of section 39-22-108, each resident shareholder shall be considered to have paid a tax imposed on each resident shareholder in an amount equal to each resident shareholder's pro rata share of any net income tax paid by the S corporation to a state which does not measure the income of shareholders of an S corporation by reference to the income of the S corporation. For the purposes of this section, the term “net income tax” means any tax imposed on, or measured by, an S corporation's net income.    Each shareholder of an S corporation shall be allowed a credit against the tax imposed by section 39-22-104 in an amount equal to each shareholder's pro rata share of the tax credits described in sections 39-30-103.5 to 39-30-105.6 earned by the S corporation.     History. Source: L. 92: Entire section added, p. 2263, § 1, effective April 16.
CO Code § 39-22-330 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-330. Uniformity of Application and Construction

 This subpart 2 shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this subpart 2 among those states which enact the model S corporation income tax act.   History. Source: L. 92: Entire section added, p. 2263, § 1, effective April 16.
CO Code § 39-22-340 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-340. Short Title - Citation

 This subpart 3 is comprised of sections 39-22-340 to 39-22-346 and may be cited as subpart 3. This subpart 3 shall be known and may be cited as the “SALT Parity Act”.   History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1801, § 1, effective June 23.
CO Code § 39-22-341 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-341. Legislative Declaration

 The general assembly hereby finds and declares that the deductibility of state income taxes should be the same for C corporations, S corporations, and partnerships.   History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1801, § 1, effective June 23.
CO Code § 39-22-342 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-342. Definitions

 As used in this subpart 3, unless the context otherwise requires:    “Electing pass-through entity” means, with respect to a taxable period, an S corporation or partnership that has made the election under section 39-22-343 with respect to the taxable period.    “Electing pass-through entity owner” means, with respect to an S corporation, a shareholder of the S corporation and, with respect to a partnership, a partner in the partnership; except that a partner does not include a C corporation that is unitary with the partnership.    “Income attributable to the state” means, with respect to an S corporation, the portion of the items of income, gain, loss, or deduction of the S corporation apportioned or allocated to this state in accordance with the provisions of section 39-22-321 (1) and (2), and, with respect to a partnership, the portion of the income, gain, loss, deduction, or credit of the partnership derived from sources within Colorado determined in accordance with the provisions of section 39-22-203.    “Income not attributable to the state” means all items of income, gain, loss, or deduction of an electing pass-through entity other than income attributable to the state.    “Resident electing pass-through entity owner” means an electing pass-through entity owner that is a resident of Colorado as defined in section 39-22-103 (6), (7), (8), (9), and (10).    “Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S corporation or a noncorporate entity is a partnership.     History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1801, § 1, effective June 23.
CO Code § 39-22-343 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-343. Election

  Notwithstanding sections 39-22-201, 39-22-302, and 39-22-322, and except as provided in subsection (2) of this section, for income tax years commencing on or after January 1, 2022, an S corporation or partnership may annually elect to be subject to tax at the entity level for the taxable period. The S corporation or partnership shall make the election on the return filed by such S corporation or partnership under section 39-22-601. The filing of such return is binding on all electing pass-through entity owners.    The election allowed under subsection (1) of this section is only allowed in an income tax year where there is a limitation on the deductions allowed to individuals under section 164 of the internal revenue code.     History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1802, § 1, effective June 23.
CO Code § 39-22-344 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-344. Imposition of Tax

  With respect to any taxable period for which it has made the election under section 39-22-343, an electing pass-through entity is subject to a tax in an amount equal to four and fifty-five one-hundredths percent of the sum of the following, all as determined pursuant to sections 39-22-202, 39-22-203, 39-22-322, and 39-22-323:   Each electing pass-through entity owner's pro rata or distributive share of the electing pass-through entity's income attributable to the state; and    Each resident electing pass-through entity owner's pro rata or distributive share of the electing pass-through entity's income not attributable to the state.       An electing pass-through entity is treated as a corporation under section 39-22-606 with respect to the tax imposed under this subpart 3; except that section (5)(c)(I) does not apply during the first taxable period for which this subpart 3 is applicable.    Any credit allowed pursuant to this article 22 that is attributable to the activities of an electing pass-through entity in the taxable year shall be claimed by the entity and not passed through to or claimed by the electing pass-through entity owner. Notwithstanding any section to the contrary in this article 22, any excess income tax credit, net operating loss, or other modification may be carried forward on the electing pass-through entity's return but may only be utilized in a year in which the electing pass-through entity has made the election allowed in section 39-22-343; except that any limitation specified in the specific section for an income tax credit, the net operating loss, or any other modification shall apply to the electing pass-through entity.    The executive director of the department of revenue may promulgate rules in accordance with article 4 of title 24 to require or permit an electing pass-through entity to make returns, set forth information, or furnish copies of information as required in section 39-22-601 (2.5)(a) through (2.5)(c) and (5)(a) through (5)(c) as is necessary to execute the provisions of this subpart 3. Notwithstanding the specificity of the foregoing, the executive director may promulgate such other rules as are, in the executive director's view, necessary or expedient in enforcing the provisions of this subpart 3.    The provisions of sections 39-22-601 (2.5)(d) through (2.5)(i) and (5)(d) through (5)(i) are not applicable to an electing pass-through entity.    The provisions of article 21 of this title 39 regarding the collection, administration, and enforcement of tax is applicable to the tax due under this section, and, notwithstanding the provisions of sections 39-22-201, 39-22-302, and 39-22-322, an electing pass-through entity is a taxpayer.     History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1802, § 1, effective June 23.
CO Code § 39-22-345 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-345. Owner Exclusion

  Notwithstanding sections 39-22-201 and 39-22-322, and as provided in 39-22-104 (4)(aa) and 39-22-304 (3)(r), electing pass-through entity owners shall not be liable for the tax and the alternative minimum tax under this article 22 in their separate or individual capacities, and the electing pass-through entity's income attributable to the state and the income not attributable to the state is not taken into account by the electing pass-through entity owners.    Notwithstanding the provisions of this subpart 3 and sections 39-22-104 (4)(aa) and 39-22-304 (3)(r), the basis in the hands of an electing pass-through entity owner in the interest in the partnership or the stock or indebtedness in the S corporation is determined as if the election under section 39-22-343 had not been made.     History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1803, § 1, effective June 23.
CO Code § 39-22-346 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 3 - Corporations|§ 39-22-346. Credit for Tax Paid in Other States

 An electing pass-through entity is entitled to the credit under section 39-22-108 , and subject to the limitations of section 39-22-108 , for taxes paid to other states with respect to the electing pass-through entity's income not attributable to this state that is subject to taxation pursuant to section 39-22-344 whether the tax was paid by the electing pass-through entity itself or by the electing pass-through entity owners. The resident electing pass-through entity owners are not entitled to any credit under section 39-22-108 with respect to income of the electing pass-through entity.   History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1804, § 1, effective June 23.
CO Code § 39-22-401 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 4 - Estates and Trusts|§ 39-22-401. Income of a Resident Estate or Trust for Purposes of Colorado Income Tax

  The income of a resident estate or trust subject to the tax imposed by this article shall be its federal taxable income as determined pursuant to section 63 of the internal revenue code with the following modifications:   There shall be added or subtracted the modifications described in section 39-22-104 to the extent such items are excluded from federal distributable net income of the estate or trust.    There shall be added or subtracted the share of the estate or trust in the Colorado fiduciary adjustment determined under section 39-22-402.        History. Source: L. 64: R&RE, pp. 656, 771, §§ 14, 1. C.R.S. 1963: § 138-1-45. L. 78: (1)(a) amended, p. 485, § 8, effective May 5. L. 87: Entire section R&RE, p. 1444, § 12, effective June 22. History. Source: L. 64: R&RE, pp. 656, 771, §§ 14, 1. C.R.S. 1963: § 138-1-45. L. 78: (1)(a) amended, p. 485, § 8, effective May 5. L. 87: Entire section R&RE, p. 1444, § 12, effective June 22.
CO Code § 39-22-402 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 4 - Estates and Trusts|§ 39-22-402. Share of a Resident Estate, Trust, or Beneficiary in Colorado Fiduciary Adjustments

     An adjustment shall be made in determining the federal taxable income subject to tax by Colorado of a resident estate or trust under section 39-22-401, or the federal taxable income subject to tax by Colorado of a resident beneficiary of any estate or trust under section 39-22-104, in the amount of the share of each in the Colorado fiduciary adjustment as determined in this section.    Repealed.       The Colorado fiduciary adjustment shall be the net amount of the modifications described in section 39-22-104, except to the extent such items are excluded from federal distributable net income of the estate or trust.      The respective shares of an estate or trust and its beneficiaries, including, solely for the purpose of this allocation, nonresident beneficiaries, in the Colorado fiduciary adjustment shall be in proportion to their respective shares of federal distributable net income of the estate or trust.    If the estate or trust has no federal distributable net income for the taxable year, the share of each beneficiary in the Colorado fiduciary adjustment shall be in proportion to his share of the estate or trust income for such year, under local law or the governing instrument, which is required to be distributed currently and any other amounts of such income distributed in such year. Any balance of the Colorado fiduciary adjustment shall be allocated to the estate or trust.       The executive director may, by regulation, establish such other method of determining to whom the items comprising the fiduciary adjustment shall be attributed, as may be appropriate and equitable. Such method may be used by the fiduciary in his discretion whenever the allocation of the fiduciary adjustment, pursuant to subsection (3) of this section, would result in an inequity which is substantial both in amount and in relation to the amount of the fiduciary adjustment.      History. Source: L. 64: R&RE, p. 772, § 1. C.R.S. 1963: § 138-1-46. L. 67: P. 850, §§ 1, 2. L. 77: (2) amended, p. 1784, § 3, effective May 19. L. 87: (1)(a) and (2) amended and (1)(b) repealed, pp. 1444, 1457, §§ 13, 31, effective June 22. History. Source: L. 64: R&RE, p. 772, § 1. C.R.S. 1963: § 138-1-46. L. 67: P. 850, §§ 1, 2. L. 77: (2) amended, p. 1784, § 3, effective May 19. L. 87: (1)(a) and (2) amended and (1)(b) repealed, pp. 1444, 1457, §§ 13, 31, effective June 22.
CO Code § 39-22-403 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 4 - Estates and Trusts|§ 39-22-403. Income of a Nonresident Estate or Trust Subject to Income Tax

  In the case of a nonresident estate or trust, the tax imposed by section 39-22-104 shall be apportioned in the ratio of the Colorado-source federal taxable income to the total federal taxable income, both modified as provided in section 39-22-104.    Colorado-source federal taxable income of an estate or trust means:   Its share of the Colorado-source federal distributable net income as determined in section 39-22-404; and    Its share of any Colorado-source income, gain, loss, and deduction recognized for federal income tax purposes but excluded from the definition of federal distributable net income of the estate or trust as determined under section 39-22-109, as in the case of a nonresident individual, and modified as provided in section 39-22-104.        History. Source: L. 64: R&RE, p. 773, § 1. C.R.S. 1963: § 138-1-47. L. 87: IP(1), (1)(b), and (1)(c) amended and (1)(d) repealed, pp. 1444, 1457, §§ 14, 31, effective June 22. L. 88: Entire section R&RE, p. 1314, § 8, effective May 29. History. Source: L. 64: R&RE, p. 773, § 1. C.R.S. 1963: § 138-1-47. L. 87: IP(1), (1)(b), and (1)(c) amended and (1)(d) repealed, pp. 1444, 1457, §§ 14, 31, effective June 22. L. 88: Entire section R&RE, p. 1314, § 8, effective May 29.
CO Code § 39-22-407 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 4 - Estates and Trusts|§ 39-22-407. Accounting Periods and Methods

 The provisions of section 39-22-111 shall apply to trusts and estates to the extent not inconsistent with sections 39-22-401 to 39-22-404 .   History. Source: L. 64: R&RE, p. 775, § 1. C.R.S. 1963: § 138-1-51. L. 83: Entire section amended, p. 1515, § 10, effective January 1, 1984. L. 87: Entire section amended, p. 1446, § 16, effective June 22. History. Source: L. 64: R&RE, p. 775, § 1. C.R.S. 1963: § 138-1-51. L. 83: Entire section amended, p. 1515, § 10, effective January 1, 1984. L. 87: Entire section amended, p. 1446, § 16, effective June 22.
CO Code § 39-22-501 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 5 - Special Rules|§ 39-22-501. Taxation of Regulated Investment Companies

     For purposes of this article, a “regulated investment company” shall have the same meaning as set forth in section 851 of the internal revenue code.    For purposes of this article, the “net income” of a regulated investment company in each year in which the corporation is taxed as a regulated investment company for federal income tax purposes shall be the “investment company taxable income” of such corporation, adjusted as provided in section 39-22-304 (2) and (3).         For purposes of this article, a “captive regulated investment company” means a regulated investment company of which the shares or beneficial interests are not regularly traded on an established securities market and of which more than fifty percent of the voting power or value of the beneficial interests or shares are owned or controlled, directly, indirectly, or constructively, by a single entity that is:   Treated as an association taxable as a corporation under the internal revenue code; and    Not exempt from federal income tax pursuant to the provisions of section 501 (a) of the internal revenue code.       Any voting stock in a regulated investment company that is held in a segregated asset account of a life insurance corporation, as described in section 817 of the internal revenue code, shall not be taken into account for purposes of determining whether a regulated investment company is a captive regulated investment company.         History. Source: L. 64: R&RE, p. 776, § 1. C.R.S. 1963: § 138-1-56. L. 2009: Entire section amended,(HB 09-1093), ch. 75, p. 269, § 2, effective April 2. History. Source: L. 64: R&RE, p. 776, § 1. C.R.S. 1963: § 138-1-56. L. 2009: Entire section amended,(HB 09-1093), ch. 75, p. 269, § 2, effective April 2.    Cross references:   For the legislative declaration contained in the 2009 act amending this section, see section 1 of chapter 75, Session Laws of Colorado 2009.
CO Code § 39-22-504.5 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 22 - Income Tax|Part 5 - Special Rules|§ 39-22-504.5. Short Title

 Sections 39-22-504.5 to 39-22-504.7 shall be known and may be cited as the “Medical Savings Account Act of 1994”.   History. Source: L. 86: Entire section added, p. 1121, § 1, effective June 23. L. 94: Entire section amended, p. 2840, § 6, effective January 1, 1995.