(a)(1) The respective shares of an estate or trust and its beneficiaries, including, solely for the purpose of this allocation nonresident beneficiaries, in the Connecticut fiduciary adjustment shall be in proportion to their respective shares of federal distributable net income of the estate or trust.
(2) If the estate or trust has no federal distributable net income for the taxable year, the share of each beneficiary in the Connecticut fiduciary adjustment shall be in proportion to his share of the estate or trust income for such year, determined under local law or the governing instrument, which is required to be distributed currently and any other amounts of such income distributed in such year. Any balance of the Connecticut fiduciary adjustment shall be allocated to the estate or trust.
(b) The commissioner may, by regulation establish such other method or methods of determining to whom the items comprising the fiduciary adjustment shall be attributed as may be appropriate and equitable. Such method may be used by the fiduciary in his discretion whenever the allocation of the fiduciary adjustment pursuant to subsection (a) would result in an inequity which is substantial both in amount and in relation to the amount of the fiduciary adjustment.
(June Sp. Sess. P.A. 91-3, S. 67, 168.)
History: June Sp. Sess. P.A. 91-3, S. 67, effective August 22, 1991, and applicable to taxable years of taxpayers commencing on or after January 1, 1991.
Structure Connecticut General Statutes
Section 12-700. - Imposition of tax on income. Rate.
Section 12-700a. - Alternative minimum tax.
Section 12-700c. - Use tax table in personal income tax return form.
Section 12-701. - Definitions. Regulations.
Section 12-701a. - Subtraction for contributions to qualified state tuition program.
Section 12-702a. - Relief from joint tax liability.
Section 12-703. - Credits based on adjusted gross income.
Section 12-704. - Credits for income taxes paid to other states.
Section 12-704c. - Credits for taxes paid on primary residence or motor vehicle.
Section 12-704d. - Credits for angel investors.
Section 12-704e. - Earned income tax credit.
Section 12-704f. - Credit for certain college graduates.
Section 12-704h. - State child tax credit plan.
Section 12-704i. - Credit for birth of stillborn child.
Section 12-705. - Withholding of taxes from wages and other payments.
Section 12-708. - Determination of taxable year and method of accounting changes.
Section 12-711a. - Repayment of income by taxpayer.
Section 12-713. - Determination of income within this state of nonresident trusts and estates.
Section 12-715. - Determination of income of resident partner or S corporation shareholder.
Section 12-716. - Attribution of Connecticut fiduciary adjustment.
Section 12-718. - Exempt dividends.
Section 12-722a. - No accrual of interest on underpayment of tax created by public act 15-244*.
Section 12-724. - Special rules for members of the armed forces and specified terrorist victims.
Section 12-725. - Documents to be signed. Certification.
Section 12-728. - Deficiency assessments. Notice. Penalty.
Section 12-729. - Final assessment of deficiency. Protest. Notice of determination.
Section 12-729a. - Jeopardy assessment.
Section 12-731. - Understatement of tax due to mathematical error.
Section 12-733. - Limits on time for making of deficiency assessments.
Section 12-734. - Collection. Warrants. Liens. Foreclosure.
Section 12-737. - Penalties for wilful violations.
Section 12-738. - Penalty for false statement relating to withholding allowance.
Section 12-739. - Credit of overpayments.
Section 12-741. - Rules and rulings in lieu of regulations.
Section 12-743. - Contributions from refunds to special accounts.
Section 12-743a. - Contributions from refunds to the Military Relief Fund.
Section 12-745. - Order of credits.
Section 12-790b. - Written disclosure by tax preparer prior to providing tax preparation services.
Section 12-790c. - Denial, suspension or revocation of permit. Hearing.