Connecticut General Statutes 12-219b – Election with respect to apportionment of net income
(a) With respect to the taxation under this chapter in income years commencing on or after January 1, 1996, of a company‘s distributive share as a partner of partnership income or loss in all partnerships in which it is or may become a partner, a company may, on or before the due date, or, if applicable, the extended due date, of its corporation business tax return for its income year beginning during 1996, make an election, on its corporation business tax return for such income year, not to have the provisions of subsection (g) of § 12-218 and subsection (b) of § 12-219a apply. Except as otherwise provided by subsection (b) of this section, the election shall be irrevocable.
Terms Used In Connecticut General Statutes 12-219b
- company: means any person, partnership, association, company, limited liability company or corporation, except an incorporated municipality. See Connecticut General Statutes 12-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Distributive share: means , with respect to a partner of a partnership, such partner's distributive share of ordinary income or loss as determined for federal income tax purposes in an income year. See Connecticut General Statutes 12-213
- Income year: means the calendar year upon the basis of which net income is computed under this part, unless a fiscal year other than the calendar year has been established for federal income tax purposes, in which case it means the fiscal year so established or a period of less than twelve months ending as of the date on which liability under this chapter ceases to accrue by reason of dissolution, forfeiture, withdrawal, merger or consolidation. See Connecticut General Statutes 12-213
- Partner: means a partner, as defined in the Internal Revenue Code, and includes a member of a limited liability company that is treated as a partnership for federal income tax purposes. See Connecticut General Statutes 12-213
(b) If a company makes the election as provided in subsection (a) of this section, such company may revoke such election, on its corporation business tax return and such revocation shall not be effective for any income year beginning before January 1, 2001. The revocation, if any, of such election shall be irrevocable.