Conn. Agencies Regs. § 12-708-5 - Connecticut returns of trusts, estates or partnerships for short taxable years
(a) Where a trust,
estate or partnership was not in existence for the entire 12 months of its
normal taxable year, the short period for which the taxpayer was in existence
during such 12 months is a taxable year for which a Connecticut return shall be
filed. Examples of such short taxable years are as follows:
(1) If a partnership is terminated and
completely liquidated during its normal taxable year and this results in an
accounting period of less than 12 months for federal income tax purposes, such
period is a taxable year for which a Connecticut return shall be
filed.
(2) The first Connecticut
fiduciary return of a trust or estate shall often be a short-year return, due
to the choice of an accounting period by the fiduciary which is either a
calendar year or fiscal year. For an estate, the first Connecticut fiduciary
return covers the period from the day following the decedent's death up to and
including the day preceding the start of the regular taxable year selected by
the fiduciary; for a trust, the first Connecticut fiduciary return covers the
period from the day the trust was established up to and including the day
preceding the beginning of the regular taxable year of the trust.
(3) Sometimes the final Connecticut fiduciary
return of a trust or estate shall be a short-year income tax return, due to the
termination of administration of the estate, or the termination of the trust,
during its normal taxable year.
(b) In general, the requirements with respect
to the time for filing a short-year return are the same as for the filing of a
Connecticut income tax return for a regular taxable year. For example, if the
due date of a return is the fifteenth day of the fourth month following the
close of a regular taxable year, the due date for filing such a return for a
short year is also the fifteenth day of the fourth month following the close of
the short year.
(c) While this
section pertains to Section
12-708
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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