R.C.S.A. § 12-701(a)(20)-5
Modification of federal adjusted gross income for partnership income or loss reportable by resident partner
Cite as Conn. Agencies Regs. § 12-701(a)(20)-5
by resident partner
(a) A partnership as such is not subject to the income tax. Individuals carrying on business
as partners are liable for the income tax only in their individual capacities on their
respective distributive shares of partnership income, whether or not such shares are
actually distributed to them.
(b) Where a resident individual is a member of a partnership, the modifications prescribed
by § 12-701(a)(20)-2 and § 12-701(a)(20)-3 of this Part shall be made with reference
to items of partnership income, gain, loss or deduction which are reflected in such
individual's federal adjusted gross income (see § 12-715(a)-1 of Part VII). If the
partnership item is not characterized for federal income tax purposes, it has the
same character for a partner as if it were realized directly by the partner from the
source from which realized by the partnership, or incurred by the partner in the same
manner as incurred by the partnership. The amount of the applicable modifications
for each partner shall be computed in accordance with the regulations of Part VII.
(c) While this section pertains to Section 12-701(a)(20) 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.