Colorado § 39-22-202 Resident partners - definition

Colorado Statutes

§ 39-22-202 — Resident partners - definition

Colorado·Title 39 Taxation·Art. Income Tax

(1)In determining the federal taxable income of a resident partner for Colorado income tax purposes, any modification described in section 39-22-104 which relates to an item of partnership income, gain, loss, or deduction shall be made in accordance with the partner's distributive share, for federal income tax purposes, of the item to which the modification relates. Where a partner's distributive share of any such item is not required to be taken into account separately for federal income tax purposes, the partner's distributive share of such item shall be determined in accordance with his distributive share, for federal income tax purposes, of partnership taxable income or loss generally.

(2)Each item of partnership income, gain, loss, deduction, or credit shall have the same

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(1) In determining the federal
taxable income of a resident partner for Colorado income tax purposes, any
modification described in section 39-22-104 which relates to an item of partnership
income, gain, loss, or deduction shall be made in accordance with the partner's
distributive share, for federal income tax purposes, of the item to which the
modification relates. Where a partner's distributive share of any such item is not
required to be taken into account separately for federal income tax purposes, the
partner's distributive share of such item shall be determined in accordance with his
distributive share, for federal income tax purposes, of partnership taxable income
or loss generally.

(2) Each item of partnership income, gain, loss, deduction, or credit shall
have the same character for a partner under this article as for federal income tax
purposes.

(3) Where a partner's distributive share of an item of partnership income,
gain, loss, deduction, or credit is determined for federal income tax purposes by
special provision of the partnership agreement with respect to such item and where
the principal purpose of such provision is the avoidance or evasion of tax under this
article, the partner's distributive share of such item and any modification required
with respect thereto shall be determined as if the partnership agreement made no
special provision with respect to such item.

(4) For purposes of section 39-22-108, each resident partner is considered to
have paid a tax on each resident partner in an amount equal to each resident
partner's pro rata share of any net income tax paid by the partnership to a state
that does not measure the income of partners of a partnership by reference to the
income of the partnership. As used in this subsection (4), net income tax means
any tax imposed on, or measured by, a partnership's net income.

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Legislative History

Source: L. 64: R&RE, p. 766, � 1. C.R.S. 1963: � 138-1-26. L. 87: (1) amended, p. 1437, � 4, effective June 22. L. 2022: (4) added, (SB 22-124), ch. 164, p. 1018, � 1, effective May 16.