Connecticut § 12-506g Exemption for gains subject to tax as income of a Subchapter S corporation.

Connecticut Statutes

§ 12-506g — Exemption for gains subject to tax as income of a Subchapter S corporation.

Connecticut·Title 12 Taxation·Ch. 224 Dividends, Interest Income and Capital Gains Tax

Any shareholder in a small business corporation, as defined in Section 1371 of the Internal Revenue Code, which corporation has made an election not to be subject to tax as a corporation under the federal income tax in accordance with Section 1372 of the Internal Revenue Code, shall not be subject to tax under section 12-506 with respect to any gains from the sale or exchange of capital assets, as defined in section 12-505, included in the income of such corporation for purposes of determining the tax imposed on such corporation under chapter 208.

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Any shareholder in a small business corporation, as defined in Section 1371 of the Internal Revenue Code, which corporation has made an election not to be subject to tax as a corporation under the federal income tax in accordance with Section 1372 of the Internal Revenue Code, shall not be subject to tax under section 12-506 with respect to any gains from the sale or exchange of capital assets, as defined in section 12-505, included in the income of such corporation for purposes of determining the tax imposed on such corporation under chapter 208.

Connecticut § 12-506g (Exemption for gains subject to tax as income of a Subchapter S corporation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.