Conn. Agencies Regs. § 12-701(a)(20)-6 - Connecticut adjusted gross income of resident shareholder of S corporation
(a) An S corporation as such is not subject
to the income tax. Individuals who are shareholders of an S corporation are
liable for the income tax in their individual capacities on their respective
pro rata shares of S corporation income, whether or not such shares are
actually distributed to them.
(b)
Subject to the modifications described in §
12-715(a)-2
and §
12-715(b)-2
of Part VII, a resident shareholder's pro rata share of an S corporation's-
(1) separately computed income or loss is
included in such shareholder's federal adjusted gross income and, therefore, is
included in such shareholder's Connecticut adjusted gross income; and
(2) nonseparately computed income or loss is
included in such shareholder's federal adjusted gross income and, therefore, is
included in such shareholder's Connecticut adjusted gross income.
(c) While this section pertains to
Section
12-701(a)(20)
of the general statutes, for purposes of supplementary interpretation, as the
phrase is used in Section
12-2
of the general statutes, the adoption of this section is authorized by Section
12-740(a)
of the general statutes.
Notes
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