DRS: 12-701(a)(20)-4, Modification for Connecticut fiduciary adjustment - Amended Effective 1/1/03

DRS has reproduced this regulation. This is an unofficial copy. Official copies of regulations ONLY are available from the Commission on Official Legal Publications   111 Phoenix Avenue Enfield, CT 06082 colp@jud.state.ct.us  Copies of DRS forms and publications are available at http://www.ct.gov/drs

Amended Effective 1/1/03  Old Version

Conn. Agencies Regs. 12-701(a)(20)-4.  Modification for Connecticut fiduciary adjustment.

(a) Where a resident individual is a beneficiary of a trust or estate, the individual's federal adjusted gross income shall be increased or decreased (as the case may be) by his or her share of the Connecticut fiduciary adjustment applicable to the trust or estate.  The fiduciary adjustment is the net amount of modifications relating to trust or estate items of income, gain, loss or deduction, and is computed by the fiduciary on the Connecticut income tax return for the trust or estate.  The fiduciary also allocates to each beneficiary such beneficiary's proportionate share of the fiduciary adjustment (see 12-701(a)(10)-1 and 12-716(a)-1).  Each beneficiary, on his or her Connecticut income tax return, shall apply the share of the fiduciary adjustment allocated to such beneficiary as a modification of federal adjusted gross income in order to determine Connecticut adjusted gross income.  The failure of the fiduciary to compute the Connecticut fiduciary adjustment or to allocate to a beneficiary such beneficiary's share of such adjustment does not absolve the beneficiary of his or her responsibility to increase or decrease (as the case may be) his or her federal adjusted gross income by his or her share of such adjustment.

(b) 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.

(Amended July 3, 2003 and applicable to taxable years beginning on or after January 1, 2003.)