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 § 12-506g

Title 12Taxation

Ch. 224Dividends, Interest Income and Capital Gains Tax

This text of Connecticut § 12-506g (Exemption for gains subject to tax as income of a Subchapter S corporation.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 12-506g (2026).

Text

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.