Form Ct-1120a-Fs - Corporation Business Tax Return Apportionment Computation Of Income From Financial Service Company Activities Page 3

receipts multiplied by the number of landings in Connecticut

the amount in Column B, Line 5. Connecticut loan servicing

and divided by the total number of landings for the aircraft. If the

fees also include fees for servicing such loans of another if

transportation property is a motor vehicle then the Connecticut

the borrower is located in Connecticut. A borrower is located

receipts are equal to the total receipts if the motor vehicle

in Connecticut if it is engaged in a trade or business that

is registered in Connecticut. If the extent of the use of any

maintains its commercial domicile in Connecticut or it is not

transportation property in Connecticut cannot be determined, the

engaged in a trade or business and its billing address is in

property shall be deemed to be used wholly in the state which

Connecticut.

the property has its principal base of operations.

Line 10 - Enter income from investment assets and activities

Line 4 - Enter interest received on loans where 50% or more of

and trading assets and activities, including; (1) interest,

the aggregate fair market value of the collateral used to secure the

(2) dividends, (3) net gains (but not less than zero), (4) investment

loan is real property. Interest includes fees and penalties in the

securities, (5) account assets, (6) federal funds, (7) securities

nature of interest. Connecticut receipts from interest received

purchased and sold under agreement to resell or repurchase,

on loans secured by real property are equal to interest paid

(8) options, (9) futures contracts, (10) forward contracts,

on loans if more than 50% of the fair market value of the real

(11) notional principal contracts (i.e. swaps, equities, foreign

property securing the loan is located within Connecticut and

currency transactions), (12) other income from investment assets

interest paid on loans where more than 50% of the fair market

and activities and trading assets and activities, (13) the amount

value of the real property securing the loan is not located within

by which interest from federal funds sold exceeds interest

any one state and the borrower is located within Connecticut.

expense on federal funds purchased, (14) the amount by which

A borrower is located in Connecticut if it is engaged in a

securities purchased under resale agreements exceeds interest

trade or business that maintains its commercial domicile in

expenses on securities sold under repurchase agreements,

Connecticut or it is not engaged in a trade or business and

and (15) the amount by which the interest, dividends, gains,

its billing address is in Connecticut. The location and the fair

and other income from trading assets and activities (including

market value of the real property shall be determined at the time

assets and activities in the matched book, in the arbitrage book,

of the original agreement.

and foreign currency transactions) exceeds the amount paid

in lieu of interest, the amount paid in lieu of dividends, and the

Line 5 - Enter interest received on loans other than loans described

losses from such assets and activities. Connecticut income from

in Line 4. Interest includes fees and penalties in the nature of

investment assets and activities and trading assets and activities

interest. Connecticut receipts from loans not secured by real

is calculated using either the Average Value Method or the Gross

property are equal to interest on such loans if the borrower is located

Income Method. The taxpayer may elect either method or the

in Connecticut. A borrower is located in Connecticut if it is engaged

Commissioner may require either method in order to accurately

in a trade or business that maintains its commercial domicile in

reﬂ ect the business of the taxpayer in Connecticut. For both

Connecticut or it is not engaged in a trade or business and its

methods, a taxpayer shall have the burden of proving that an

billing address is in Connecticut.

investment asset or activity is properly assigned to a regular

Line 6 - Enter the net gain (but not less than zero) from the

place of business outside Connecticut.

sale of loans where 50% or more of the aggregate fair market

•

Average Value Method: (1) Connecticut income from

value of the collateral used to secure the loan is real property.

investment assets and activities in the investment account

The Connecticut net gain from the sale of such loans is equal

is equal to the total income from such assets and activities

to the total net gain from the sale of such loans multiplied by

multiplied by the average value of such assets properly

the amount in Column A, Line 4 and divided by the amount in

assigned to a place of business in Connecticut and divided

Column B, Line 4.

by the average value of all such assets. (2) Connecticut

Line 7 - Enter the net gain (but not less than zero) from the sale

income from federal funds sold and purchased and from

of loans other than loans described in Line 6. The Connecticut

securities purchased under resale agreement and securities

net gain from the sale of such loans is equal to the total net gain

sold under repurchase agreement is equal to the total

from the sale of such loans multiplied by the amount in Column A,

income from such funds and securities multiplied by the

Line 5 and divided by the amount in Column B, Line 5.

average value of such funds and securities assigned to a

Line 8 - Enter loan servicing fees derived from loans where

regular place of business within Connecticut and divided

50% or more of the aggregate fair market value of the collateral

by the average value of all such funds and securities.

used to secure the loan is real property. Connecticut loan

(3) Connecticut income from trading assets and activities

servicing fees derived from such loans include the total of

(including assets and activities in the matched book, in the

such fees multiplied by the amount in Column A, Line 4 and

arbitrage book, and foreign currency transactions) is equal

divided by the amount in Column B, Line 4. Connecticut loan

to the total income from such assets and activities multiplied

servicing fees also include fees for servicing such loans of

by the average value of such trading assets assigned to a

another if the borrower is located in Connecticut. A borrower

regular place of business within Connecticut and divided by

is located in Connecticut if it is engaged in a trade or business

the average value of all such assets. The average value of

that maintains its commercial domicile in Connecticut or it is

an asset, fund, or security is calculated by adding the value

not engaged in a trade or business and its billing address is in

of the asset, fund, or security on the ﬁ rst day of the income

Connecticut.

year and the value of the asset, fund, or security on the

last day of the income year and dividing that ﬁ gure by two.

Line 9 - Enter loan servicing fees from loans other than loans

Either the taxpayer or the Commissioner may determine

described in Line 8. Connecticut loan servicing fees derived

Connecticut income by averaging the value of assets, funds,

from loans not secured by real property include the total of such

or securities on a more frequent basis.

fees multiplied by the amount in Column A, Line 5 and divided by

Form CT-1120A-FS (Rev. 12/14)

Page 3 of 7

0 votes

Top 20 Happy Easter Cards And Gift Tags To Download For Free

Top Ten Easter Arts And Crafts Activities For Your Kids

Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Form Ct-1120a-fs - Corporation Business Tax Return Apportionment Computation Of Income From Financial Service Company Activities Financial

Form Ct-1120a-iric - Corporation Business Tax Return Apportionment Computation Of Income From Services To Regulated Investment Companies - State Of Connecticut - Department Of Revenue Services - 2012 Financial

Form Ct-1120a-iric - Corporation Business Tax Return Apportionment Computation Of Income From Services To Regulated Investment Companies - 2008 (with Instructions) Financial

Form Ct-1120a-iric - Corporation Business Tax Return Apportionment Computation Of Income From Services To Regulated Investment Companies Financial

Related Categories

Parent category: Financial

Form Ct-1120a-Fs - Corporation Business Tax Return Apportionment Computation Of Income From Financial Service Company Activities Page 3

Related Articles

Related forms

Related Categories