Office of Policy and Management/Department of Revenue Services | 12-213-1 to 12-213-2 - Corporation Business Tax

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

Regulations of Connecticut State Agencies TITLE 12. Taxation

Agency Office of Policy and Management/Department of Revenue Services

Subject Corporation Business Tax

Inclusive Sections §§ 12-213-1—12-213-2

CONTENTS

Sec. 12-213-1. Definitions Sec. 12-213-2. Prohibition against double deductions and/or exclusions

Revised: 2016-10-7 R.C.S.A. §§ 12-213-1—12-213-2 - I -

Regulations of Connecticut State Agencies TITLE 12. Taxation

Office of Policy and Management/Department of Revenue Services §12-213-2

Corporation Business Tax

Sec. 12-213-1. Definitions (a) “Due date” means the date prescribed under chapter 208 or the regulations

promulgated thereunder on or before which any document is required to be filed with, or any payment is required to be made to, the commissioner. “Due date” does not mean an extended due date.

(b) “Extended due date” means a date (subsequent to the due date on or before which any document is required to be filed with, or any payment is required to be made to, the commissioner) requested by a company for filing such document or making such payment if—

(1) the commissioner is empowered under chapter 208 to grant such request for extension;

(2) the request for extension (and any other document required to accompany such request) is filed on or before the due date to which such request for extension pertains;

(3) the request for extension is made on forms furnished or prescribed by the commissioner for such a request;

(4) the request for extension demonstrates, to the satisfaction of the commissioner, due cause for such extension; and

(5) the commissioner, in his discretion, consents to or approves, in writing, such request for extension.

(c) “Document” means and includes any return, affidavit, request, declaration, claim, petition, application, notice or other document.

(d) “Joint stock company” means an organization of individuals for purposes of profit, having a capital stock contributed by the members composing it, such capital stock being divided into shares of which each member possesses one or more, and which are transferable by the owner.

(e) “Association” or “association taxable as a corporation for federal income tax purposes” means an unincorporated organization that has, as described in section 301.7701- 2 (a) (1) of title 26 of the Code of Federal Regulations, associates, an objective to carry on business and divide the gains therefrom, continuity of life, centralization of management, liability for corporate debts limited to corporate property, and free transferability of interests; and, as described in section 301.7701-2 (a) of title 26 of the Code of Federal Regulations, more corporate characteristics than noncorporate characteristics. (Effective July 6, 1989)

Sec. 12-213-2. Prohibition against double deductions and/or exclusions (a) A company, in arriving at its net income as defined in section 12-213 of the general

statutes, shall not exclude or deduct, or exclude and deduct, any item, directly or indirectly, more than once.

(b) A life insurance company, in arriving at its net income as defined in section 12-213 of the general statutes, shall not exclude or deduct, or exclude and deduct, more than the

Revised: 2016-10-7 R.C.S.A. §§ 12-213-1—12-213-2 - 1 -

Regulations of Connecticut State Agencies TITLE 12. Taxation

§12-213-2 Office of Policy and Management/Department of Revenue Services

life insurance company’s share of any item of income, the taxation of which by the state of Connecticut is prohibited by the laws or constitution of the United States, as applied, or by the laws or constitution of the state of Connecticut, as applied.

(c) This section shall be applicable to amended returns, as defined in subsection (b) of section 12-225 of the general statutes, irrespective of when such returns were filed, in connection with which a claim for refund is granted or denied or an adjustment to net income is allowed, in whole or in part, on or after March 8, 1995 (the effective date of Public Act 95-2). (Effective March 8, 1995)

R.C.S.A. §§ 12-213-1—12-213-2 Revised: 2016-10-7 - 2 -