Connecticut General Statutes 12-506a – Exchange of property
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(a) Repealed by P.A. 73-356, S. 5, 10.
Terms Used In Connecticut General Statutes 12-506a
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- taxable year: means the same accounting period as the taxpayer's taxable year for federal income tax purposes or that portion of such year as either commences when the taxpayer becomes a resident or ends when the taxpayer ceases to be a resident of this state. See Connecticut General Statutes 12-505
(b) A partnership as such shall not be subject to the tax imposed by this chapter. Persons who are partners shall be liable for said tax only in their individual capacities in the same manner that individuals are liable for partnership income under the federal Internal Revenue Code in effect for the taxable year.
(c) Repealed by P.A. 73-356, S. 5, 10.
(d) The tax imposed in this chapter shall not be applicable with respect to any sale or exchange of agricultural animals.