Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si - 1999 Page 13
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30Part II - Income Apportionment
Gross rent includes:
•
Any amount payable for the use or possession
Complete Part II only if all of the following apply:
of real property, or any part of it, whether
1. The S corporation has at least one shareholder
designated as a fixed sum of money or as a
who is a nonresident individual, trust or estate
percentage of sales, profits or otherwise;
or a part-year resident individual or trust;
•
Any amount payable as additional rent or in lieu
2. The S corporation carries on business both
of rent such as interest, taxes, insurance, repairs
within and outside of Connecticut; and
or any other amount required to be paid by the
3. The S corporation does not maintain books and
terms of a lease or other agreement;
records that satisfactorily disclose the portion
•
The yearly amortization applicable to any
of income, gain, loss or deduction derived from
improvement to real property made by or on
or connected with Connecticut sources.
behalf of the business which reverts to the
owner or lessor upon termination of a lease or
The apportionment fraction calculated on Line 8 is used
other arrangement.
to complete Part V for the S corporation’s nonresident
shareholders.
However, if a building is erected on leased land by or on
behalf of the business, the value of the building is
Part II must still be completed even if an authorized
determined in the same manner as if it were owned by
alternate allocation method is used. A detailed explanation
the business.
of the authorized alternate method used to determine the
Connecticut income must be attached, together with full
Line 3 - Tangible Personal Property Owned or
details of any adjustments increasing or decreasing the
Rented from Others
amount of Connecticut income computed by the
Enter in Column A the average value of all tangible
authorized alternate method.
personal property owned or rented everywhere by the
If the S corporation does maintain books and records
business. Enter in Column B the average value of tangible
that satisfactorily disclose the portion of income, gain,
personal property owned or rented in Connecticut by the
loss or deduction derived from or connected with
business. The average value of tangible personal property
Connecticut sources those amounts must be used to
owned by the business is determined by adding its book
complete Part V.
value at the beginning and at the end of the taxable year
and dividing the sum by two. The average value of
Line 1 - Real Property Owned
tangible personal property rented from others is
Enter in Column A the average value of all real property
determined by multiplying by eight the gross rents payable
owned everywhere by the business. Enter in Column B
during the taxable year for which the return is filed.
the average value of Connecticut real property owned
Line 4 - Property Owned or Rented
by the business.
Add Lines 1, 2, and 3 in Column A and Column B. Enter
The average value of real property owned by the business
the result on Line 4 in Column A and Column B. On
is determined by adding its fair market value at the
Line 4, divide the Column B amount by the Column A
beginning and at the end of the taxable year and dividing
amount. Carry the result to four decimal places and
the sum by two.
enter it on Line 4 in Column C.
Line 2 - Real Property Rented from Others
Line 5 - Employee Wages and Salaries
Enter the value of all real property rented everywhere in
Enter in Column A the total compensation paid to
Column A and the value of real property rented in
employees during the taxable year in connection with
Connecticut in Column B.
business operations carried on everywhere. Enter in
The average value of real property rented by the business
Column B the total compensation paid to employees
from others and to be included on Line 2 is eight times
during the taxable year in connection with business
the gross rent payable during the taxable year for which
operations carried on in Connecticut. Only enter wages,
the return is filed.
salaries, and other personal service compensation paid
to employees of the business. Do not include payments
to independent contractors, independent sales agents, etc.
The compensation paid for services is in connection with
Page 13
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