Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si - 1999 Page 18
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30Line 8 - Certain Expenses Relating to Income
Exempt from Federal Income Tax
Enter the amount of each shareholder's pro rata share
of interest expense on money borrowed to purchase or
carry bonds or securities, whose interest income is subject
to Connecticut income tax but exempt from federal
income tax, provided this interest was a business expense
for the federal taxable year and was not deducted in
determining the S corporation income.
Line 9 - Ordinary Income
Enter 55% of the amount of each shareholder’s pro rata
share of the S corporation’s nonseparately computed
income (if any) multiplied by the S corporation’s
Connecticut corporation business tax apportionment
fraction reported on Form CT-1120S, Connecticut
S Corporation Business Tax Return.
Line 10 - Other
Use Line 10 to report the amount of each shareholder’s
pro rata share of subtractions not listed on Lines 6
through 9. For example, include the amount of each
shareholder's pro rata share of:
•
Any gain recognized on the sale or exchange of
bonds or other obligations issued by the State of
Connecticut or its municipalities;
•
Interest income from federally taxable
Connecticut bonds;
•
The S corporation's share of any negative
Connecticut fiduciary adjustment received from
a trust or estate of which the S corporation is a
beneficiary;
•
Any refund or credit for the overpayment of
income taxes imposed by any state or province
of Canada, to the extent such amount was
included in federal adjusted gross income;
•
Business expenses incurred in connection with
the income, or property held to produce income,
that is subject to Connecticut income tax but
exempt from federal income tax (provided these
expenses were not deducted in determining
S corporation income);
•
Amortization of bond premium on any bond, the
interest from which is subject to Connecticut
income tax but exempt from federal income tax
(provided this amortization was business
expense for the taxable year and was not
deductible in determining S corporation income).
Page 18
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