Connecticut Administrative Code › Title 12 - Taxation › 740(a) - INCOME TAX › Part XIV - Miscellaneous › Section 12-701(b)-1 - Definitions

Current through July 10, 2024
(a) For Connecticut income tax purposes under
				chapter 229 of the general statutes, unless the context otherwise requires:
(1) "Commissioner" means the Commissioner of
				Revenue Services;
(2) "Department"
				means the Department of Revenue Services;
(3) "Partnership" means a partnership as
				defined in section 7701(a)(2) of the Internal Revenue Code and
				26 C.F.R. §
											301.7701-3(a) and includes a
				limited liability company that is treated as a partnership for federal income
				tax purposes.
(4) "Partner" means a
				partner as defined in section 7701(a)(2) of the Internal Revenue Code and
				26 C.F.R. §
											301.7701-3(d) and includes a
				member of a limited liability company that is treated as a partnership for
				federal income tax purposes.
(5)
				"Partner's distributive share" means the partner's distributive share as
				determined under section 704 of the Internal Revenue Code.
(6) "S corporation's nonseparately computed
				income or loss" means the S corporation's nonseparately computed income or loss
				as defined in section 1366(a)(2) of the Internal Revenue Code.
(7) "S corporation's separately computed
				income or loss" means the S corporation's items of income, loss, deduction, or
				credit that are described in section 1366(a)(1)(A) of the Internal Revenue
				Code.
(8) "S corporation
				shareholder's pro rata share" means the shareholder's pro rata share as
				determined under section 1377(a) of the Internal Revenue Code.
(9) "Income Tax Act" means the provisions of
				chapter 229 of the Connecticut General Statutes.
(10) "Income tax" or "Connecticut income tax"
				means the tax imposed under chapter 229 of the Connecticut General
				Statutes.
(11) "Month or fraction
				thereof" means the period that begins on the day after the due date and ends on
				the day of the next month corresponding to the due date, e.g., from April 16
				through May 15 (when the due date is April 15). However, if the due date is the
				last day of a calendar month, a month shall end on the last day of the next
				calendar month, e.g., February 28 or 29 (when the due date is January
				31).
(12) The provisions of the
				Internal Revenue Code and its applicable regulations with respect to the
				meaning of terms such as "employer," "employee," "payroll period," and "wages"
				have the same meaning for Connecticut income tax purposes except as otherwise
				specifically provided in Part IX or where such federal definitions are clearly
				inconsistent with and inapplicable to the provisions of such Part.
(13) "Connecticut obligations" means
				obligations issued by or on behalf of the State of Connecticut, any political
				subdivision thereof, or public instrumentality, state or local authority,
				district, or similar public entity that is created under the laws of the State
				of Connecticut.
(14) "Sale or
				exchange" means any transaction that is, or is treated as, a sale or exchange
				for federal income tax purposes.
(15) "Trust" means an arrangement that is
				ordinarily created either by a will or by an inter vivos declaration whereby a
				trustee or trustees take title to property for the purpose of protecting or
				conserving it for beneficiaries and that, under
				26 C.F.R.
				§
											301.7701-4, is classified and treated
				as a trust (and not as an association, under
				26 C.F.R. §
											301.7701-2, or partnership, under
				26 C.F.R. §
											301.7701-3 ) for federal income tax purposes.
				"Trust" does not include any real estate mortgage investment conduit, as
				defined in section 860D of the Internal Revenue Code, that is created as a
				trust.
(16) The term "derived from
				or connected with sources within this state" is to be construed so as to accord
				with its usage in Part II of these sections.
(17) "Internal Revenue Code" means the
				Internal Revenue Code of 1986 (
				26
				U.S.C. §
											1 et seq.), or any subsequent
				corresponding Internal Revenue Code of the United States, as from time to time
				amended.