DRS: 12-726(b)-1, Informational return required from an S corporation

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Conn. Agencies Regs. 12-726(b)-1.  Informational return required from an S corporation.

(a) An S corporation as such is not subject to the income tax, but an S corporation that has any income, gain, loss or deduction derived from or connected with sources within Connecticut is required by Section 12-726(b) of the Connecticut General Statutes to file Form CT-1065/CT-1120SI. The return shall be filed on or before the fifteenth day of the fourth month following the close of the taxable year of the S corporation, irrespective of the taxable years of its shareholders.

(b) The return shall set forth, for each taxable year of the S corporation

(1) all items of income, gain, loss and deduction, and the complete name and address, taxable year and social security or federal employer identification number of each shareholder,

(2) the amount of each shareholder's pro rata share of the S corporation's

(A) nonseparately computed income or loss

(i) derived from or connected with sources within Connecticut and

(ii) derived from or connected with sources without Connecticut, and

(B) separately computed income or loss

(i) derived from or connected with sources within Connecticut and

(ii) derived from or connected with sources without Connecticut.

(3) the amount of each shareholder's pro rata share of

(A) the modifications described in Sections 12-715(a)-2 and 12-715(b)-2 of this Part that relate to S corporation items of income or gain derived from or connected with sources within Connecticut and

(B) the modifications described in Sections 12-715(a)-2 and 12-715(b)-2 that relate to S corporation items of income or gain derived from or connected with sources without Connecticut.

(4) such other information or schedules as the Department may prescribe on its forms and instructions.

(c) On or before the date on which the return is filed, the S corporation shall furnish to each person who was a shareholder during the taxable year to which the return pertains such information as is shown thereon concerning the amount of such shareholder's

(1) pro rata share of separately computed income or loss

(A) derived from or connected with sources within Connecticut and

(B) derived from or connected with sources without Connecticut,

(2) pro rata share of nonseparately computed income or loss.

(A) derived from or connected with sources within Connecticut and

(B) derived from or connected with sources without Connecticut, and

(3) pro rata share of the modifications described in Sections 12-715(a)-2 and 12-715(b)-2 of this Part that relate to S corporation items of income or gain

(A) derived from or connected with sources within Connecticut and

(B) derived from or connected with sources without Connecticut.

(Adopted eff. 11-18-94 and applicable to taxable years commencing on or after 1-1-94; revised eff. 3-8-06.)