Conn. Agencies Regs. § 12-714(a)-1 - Share of a nonresident trust, estate or beneficiary in income from Connecticut sources
(a) A nonresident
trust or estate's taxable income derived from or connected with sources within
this state includes its share of federal distributable net income, after taking
into consideration any applicable Connecticut modifications described in
§§
12-701(a)(10)-2
and
12-701(a)(10)-3
of this Part, to the extent such share is derived from or connected with
sources within this state. Such share is in proportion to such trust or
estate's share of federal distributable net income.
(b) The share of a nonresident beneficiary in
items of trust or estate income, gain, loss and deduction derived from or
connected with sources within this state is in proportion to such beneficiary's
share of federal distributable net income.
(c) The share of a trust or estate in federal
distributable net income is the amount, if any, by which the federal
distributable net income exceeds the aggregate of the shares therein of all its
beneficiaries.
(d) A nonresident
trust or estate shall determine those items of income, gain, loss and deduction
entering into the definition of federal distributable net income which are
derived from or connected with sources within Connecticut under the applicable
regulations of Part II. Such distributable net income from Connecticut sources
includes Connecticut modifications to the extent the modified amount has not
been included in federal distributable net income. (For example, tax exempt
interest is included in determining federal distributable net income, thus
eliminating the need to make a Connecticut modification as to this
amount.)
(e) While this section
pertains to Section
12-714(a)
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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