DRS: 12-712(a)(2)-1, Nonresident shareholder’s pro rata share of S corporation income derived from or connected with sources within Connecticut

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

Connecticut Regulation, Reg. Sec. 12-712(a)(2)-1. Nonresident shareholder’s pro rata share of S corporation income derived from or connected with sources within Connecticut.

(a) The Connecticut adjusted gross income derived from or connected with sources within this state of a nonresident individual who is a shareholder of an S corporation that has any income, gain, loss or deduction derived from or connected with sources within Connecticut includes such shareholder's pro rata share of the S corporation's separately and nonseparately computed income or loss entering into federal adjusted gross income to the extent such income or loss is derived from or connected with Connecticut sources, as defined in Part 11.

(b) With respect to a nonresident individual who is a shareholder of an S corporation that has any income, gain, loss or deduction derived from or connected with sources within Connecticut, the portion of such shareholder's pro rata share of the modifications described in Sections 12-715(a)-2 and 12-715(b)-2 of this Part relating to the S corporation's separately and nonseparately computed income or loss that is derived from or connected with sources within Connecticut is to be determined so as to accord with the definition of the term “derived from or connected with sources within this state” set forth in Part II.

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