Conn. Gen. Stat. § 12-506g - Sec. 12-506g. Exemption for Gains Subject to Tax as Income of a Subchapter S Corporation.
Section 12-506f - Sec. 12-506f. Exemption of Capital Gain From Sale of Residence by Persons Sixty-five Years of Age or Over.Section 12-506h - Sec. 12-506h. Deduction Allowed in Determining Tax on Interest Income When Taxpayer Is Shareholder in an Electing Small Business Corporation Subject to Tax on Such Interest.
Any shareholder in a small business corporation, as defined in Section 1371 of the Internal Revenue Code, which corporation has made an election not to be subject to tax as a corporation under the federal income tax in accordance with Section 1372 of the Internal Revenue Code, shall not be subject to tax under section 12-506 with respect to any gains from the sale or exchange of capital assets, as defined in section 12-505, included in the income of such corporation for purposes of determining the tax imposed on such corporation under chapter 208.
(P.A. 79-486, S. 1, 2.)
History: P.A. 79-486 effective July 1, 1979, and applicable to taxable years commencing on or after January 1, 1979.
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