Regulations of Connecticut State Agencies — Title 12
Conn. Agencies Regs § 12-701(a)(10)-1
Definition of Connecticut fiduciary adjustment
# (a)
The ''Connecticut fiduciary adjustment'' is the net amount of the modifications described in §§ 12-701(a)(10)-2 and 12-701(a)(10)-3 of this Part which relate to items of income, gain, loss or deduction of the trust or estate.
# (b)
Example: A resident trust has the following modifications for 1992:
Additions:
# (1)
Interest income received on bonds of the State of California … $1000
# (2)
Exempt interest dividends (as defined in section 852(b)(5) of the
350
Internal Revenue Code) on obligations issued by the State of California Total additions: … $1350 Subtractions:
# (3)
Interest income received on U.S. government bonds … $ 600
# (4)
Exempt dividends paid by a regulated investment company … 400
Total subtractions … $1000
Connecticut fiduciary adjustment … $ 350
Since the total of the items to be added to federal taxable income is more than the total of the items to be subtracted, the share of the trust in the fiduciary adjustment is added to its federal taxable income, and the share of its beneficiaries in the fiduciary adjustment shall be added to their federal adjusted gross incomes. If the total of the items to be added to federal taxable income were less than the total of items to be subtracted, the share of the trust would be subtracted from its federal taxable income and the share of its beneficiaries in the fiduciary adjustment would be subtracted from their federal adjusted gross incomes.
# (c)
While this section pertains to Section 12-701(a)(10) 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 12-740(a) of the general statutes.
Amendment history
November 18, 1994
Source: official regulations index (title 12 publishes as one PDF)
Nearby sections (25 sections)
- 12-689-3 · Notification of requirement to pay tax by electronic funds
- 12-689-4 · Timely initiation of electronic funds transfer
- 12-690-1 · Persons required by regulation to file documents…
- 12-690(c)-1 · Signature alternative
- 12-700(b)-1 · Connecticut income tax imposed upon nonresident…
- 12-700(c)-1 · Part-year resident individuals
- 12-700(c)-2 · Part-year resident trusts
- 12-701(a)(1)-1 · Resident of this state
- 12-701(a)(2)-1 · Nonresident of this state
- 12-701(a)(4)-1 · Resident trust or estate
- 12-701(a)(6)-1 · Change of residence of trust
- 12-701(a)(9)-1 · Connecticut taxable income of a resident trust or…
- 12-701(a)(10)-1 · Definition of Connecticut fiduciary adjustment
- 12-701(a)(10)-2 · Modifications comprising the Connecticut fiduciary
- 12-701(a)(10)-3 · Modifications comprising the Connecticut fiduciary
- 12-701(a)(10)-4 · Treatment of set-asides for charitable purposes
- 12-701(a)(11)-1 · Estimated tax
- 12-701(a)(12)-1 · Required annual payment
- 12-701(a)(20)-1 · Connecticut adjusted gross income of a resident…
- 12-701(a)(20)-2 · Modifications increasing federal adjusted gross income
- 12-701(a)(20)-3 · Modifications reducing federal adjusted gross income
- 12-701(a)(20)-4 · Modification for Connecticut fiduciary adjustment
- 12-701(a)(20)-5 · Modification of federal adjusted gross income for…
- 12-701(a)(20)-6 · Connecticut adjusted gross income of resident…
- 12-701(b)-1 · Definitions