DRS: 12-720(c)-1, Short taxable year - Repealed Effective 4/6/00

DRS has reproduced this regulation. This is an unofficial copy. Official copies of regulations ONLY are available from the Commission on Official Legal Publications. 111 Phoenix Avenue. Enfield, CT 06082. colp@jud.state.ct.us Copies of DRS forms and publications are available at http://www.ct.gov/drs

Repealed Effective 4/6/00

Connecticut Regulation, Reg. Sec. 12-720(c)-1. Short taxable year.

(a) If a taxpayer meets the requirements under this Part for making a declaration of estimated tax and a short taxable year is involved, separate installments of estimated tax for such fractional part of the year shall be due in equal installments in the following manner:

(1) If the short taxable year is a period of less than four full months, no declaration of estimated tax is required to be filed and no installments of estimated tax are required to be paid.

(2) If the short taxable year is a period of four full months or more but less than six full months, and the requirement to make a declaration of estimated tax is met--

(A) on or before the first day of the fourth month of the short taxable year, the sole installment due date is the fifteenth day of the first month of the succeeding taxable year.

(B) after the first day of the fourth month of the short taxable year, the sole installment due date is the fifteenth day of the first month of the succeeding taxable year.

(3) If the short taxable year is a period of six full months or more but less than nine full months and the requirement to make a declaration of estimated tax is met.

(A) on or before the first day of the fourth month of the short taxable year, the installment due dates are the fifteenth day of the fourth month of such taxable year, the fifteenth day of the sixth month of such taxable year, and the fifteenth day of the first month of the succeeding taxable year.

(B) after the first day of the fourth month of the short taxable year, the sole installment due date is the fifteenth day of the first month of the succeeding taxable year.

(4) If the short taxable year is a period of nine full months or more but less than twelve full months and the requirement to make a declaration of estimated tax is met.

(A) on or before the first day of the fourth month of the short taxable year, the installment due dates are the fifteenth day of the fourth month of such taxable year, the fifteenth day of the sixth month of such taxable year, the fifteenth day of the ninth month of such taxable year, and the fifteenth day of the first month of the succeeding taxable year.

(B) after the first day of the fourth month but before the second day of the sixth month of the short taxable year, the installment due dates are: the fifteenth day of the sixth month of such taxable year, the fifteenth day of the ninth month of such taxable year, and the fifteenth day of the first month of the succeeding taxable year.

(C) after the first day of the sixth month of the short taxable year, the sole installment due date is the fifteenth day of the first month of the succeeding taxable year.

(b) Examples:

Example 1: Assume a taxpayer’s short taxable year is the period of 10 months from January 1 to October 31 and such taxpayer met the requirement to make a declaration of estimated tax on or before April 1. The estimated tax is payable in four equal installments, due on April 15, June 15, September 15 and November 15.

Example 2: Assume the same facts as in Example 1, except that the requirement to make a declaration of estimated tax is not met until April 30. The estimated tax is payable in three equal installments, due on June 15, September 15 and November 15.

(c) While this section pertains to Section 12-720(c) of the general statutes, for purposes of supplementary interpretation, as the phrase is used in Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-722(d) of the general statutes.

Section 102. The Regulations of Connecticut State Agencies are amended by adding new section 12-720(d)-1 as follows:

(Effective 11/18/1994)