Form Ct-1120a-Fs - Corporation Business Tax Return Apportionment Computation Of Income From Financial Service Company Activities Page 2

Form CT-1120A-FS Instructions

Complete this form in blue or black ink only.

an investment entity, pension fund, or retirement account along

with management or distribution services.

Use Form CT-1120A-FS, Corporation Business Tax Return

Distribution services include selling interests in an investment

Apportionment Computation of Income From Financial Service

entity, pension fund, or retirement account. Distribution services

Company Activities, if the company is a financial service

also include advertising, servicing, or marketing services

company, as deﬁ ned in Conn. Gen. Stat. §12-218b, whose

provided to an investment entity, pension fund, or retirement

business activity is taxable inside Connecticut, whether or not it

account by an entity that sells interests in such investment entity,

is taxable outside Connecticut.

pension fund, or retirement account.

This form does not apply to net income from services or activities

Management services include (1) the rendering of investment

described in:

advice to an investment entity, pension fund, or retirement

•

Conn. Gen. Stat. §12-218(f), services provided to a regulated

account, (2) the determining when sales and purchases of

investment company. Use Form CT-1120A-IRIC;

property are to be made on behalf of an investment entity,

•

Conn. Gen. Stat. §12-218(g), security brokerage services.

pension fund, or retirement account, and (3) the selling or

Use Form CT-1120A-SBC; and

purchasing of property constituting assets of an investment

•

Conn. Gen. Stat. §12-218(j), credit card activities.

entity, pension fund, or retirement account pursuant to a contract

Use Form CT-1120A-CCA.

with such investment entity, pension fund, or retirement account.

Such income shall be apportioned in accordance with subsections

General Instructions

(f), (g), or (j) of Conn. Gen. Stat. §12-218.

Apportion the net income of a ﬁ nancial service company to

International banking facility: Receipts attributable to an

Connecticut by multiplying such income by an apportionment

international banking facility are not included in the numerator

fraction that is calculated using the receipts factor that is reﬂ ected

or denominator of the receipts factor. In lieu of such exclusion

on Line 15. The numerator of the receipts factor is the total of

of receipts attributable to an international banking facility, the

the Connecticut receipts of the taxpayer during the income

taxpayer may, on or before the due date (or extended due date)

year and is reﬂ ected in Column A, Line 14. The denominator

of its corporation business tax return, make an election to exclude

of the receipts factor is the total of the receipts of the taxpayer

receipts attributable to an international banking facility from the

within and outside Connecticut during the income year and

numerator of its receipts factor and to include such receipts in

is reﬂ ected in Column B, Line 14. Use the same method to

the denominator of its receipts factor.

calculate receipts for purposes of the denominator as is used

If the taxpayer makes the election, the taxpayer may not, in

to determine receipts for purposes of the numerator. For Lines

arriving at its net income, deduct the gross income attributable to

1 through 13, enter Connecticut receipts in Column A and enter

the international banking facility from its gross income. Expenses

total receipts in Column B.

or losses attributable to the international banking facility, to the

Line Instructions

extent deductible under the Internal Revenue Code, may be

Line 1 - Enter receipts from the lease, sublease, or rental of real

deducted from its gross income. The election is irrevocable for

property on which the taxpayer may claim depreciation for federal

and applicable for ﬁ ve successive income years.

income tax purposes or real property to which the taxpayer holds

Deﬁ nitions

legal title and on which no other person may claim depreciation

Financial service company is deﬁ ned broadly and is intended to

for federal income tax purposes. Connecticut receipts from the

include the traditional business entities that are generally considered

lease or rental of real property are equal to receipts from the

to be engaged in the business of lending money, extending credit,

lease, sublease, or rental of real property that is owned by the

or otherwise dealing in money capital. See Conn. Gen. Stat.

taxpayer and located in Connecticut.

§12-218b(a)(6) and Ruling 2000-4.

Line 2 - Enter receipts from the lease, sublease, or rental of

Loan means (1) any extension of credit resulting from direct

tangible personal property other than transportation property

negotiations between the taxpayer and its customer, or (2) the

on which the taxpayer may claim depreciation for federal

purchase or receipt, in whole or in part, from another of such

income tax purposes or tangible personal property to which the

extension of credit.

taxpayer holds legal title and on which no other person may

claim depreciation for federal income tax purposes. Connecticut

Billing address means the location indicated in the books and

receipts from tangible personal property are equal to receipts

records of the taxpayer, investment entity, pension fund, or

from the lease, sublease, or rental of tangible personal property

retirement account as the address where any notice, statement,

owned by the taxpayer if the tangible personal property is located

or bill relating to the customer, investor, or participant’s account

within Connecticut when it is ﬁ rst placed in service by the lessee.

is mailed. The billing address shall be determined as of the ﬁ rst

day of the taxable year, or the date during the taxable year when

Line 3 - Enter receipts from the lease or rental of transportation

the relationship began between the taxpayer, investment entity,

property, which means vehicles and vessels capable of moving

pension fund, or retirement account and the customer, investor,

under their own power (such as aircraft, trains, water vessels,

or participant.

and motor vehicles) and any equipment or containers attached

to such vehicles and vessels. If the transportation property is

Administrative services include clerical, accounting, record

an aircraft then the Connecticut receipts are equal to the total

keeping, transfer agency, bookkeeping, data processing,

custodial, internal auditing, legal, and tax services provided to

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

Page 2 of 7

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