Form Ct-1120a-Fs - Corporation Business Tax Return Apportionment Computation Of Income From Financial Service Company Activities Page 4

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Gross Income Method: (1) Connecticut income from

Line 12 - Enter receipts for providing management, distribution,

investment assets and activities in the investment

and administrative services performed on behalf of a pension fund

account is equal to the total income from such assets

or retirement account, which generally means a fund, trust, plan,

and activities multiplied by the gross income from such

account, annuity, or contract established according to a federal or

assets which are properly assigned to a regular place

state statute which is designed to provide pension or retirement

of business of the taxpayer within Connecticut and

beneﬁ ts. Connecticut receipts received from management,

divided by the total gross income from all such assets.

distribution, and administrative services performed on behalf of a

(2) Connecticut income from federal funds sold and

pension fund or retirement account are equal to the total amount

purchased and from securities purchased under resale

of such receipts multiplied by the average number of participants

agreement and securities sold under repurchase agreement

in such pension fund or retirement account with a billing address

is equal to the total income from such funds and securities

in Connecticut and divided by average number of total participants

multiplied by the gross income from such funds and

with an interest in such pension fund or retirement account. The

securities assigned to a regular place of business within

average number of such participants is calculated by adding the

Connecticut and divided by the gross income from

number of participants on the ﬁ rst day of the income year and

all such funds and securities. (3) Connecticut income

the number of participants on the last day of the income year

from trading assets and activities (including assets and

and dividing that total by two.

activities in the matched book, in the arbitrage book,

Election: The taxpayer may elect to calculate its Connecticut

and foreign currency transactions) is equal to the total

receipts based on the average fair market value of the

income from such assets and activities multiplied by the

funds under management of the pension fund or retirement

gross income from such assets and activities assigned to

account in each income year allocated to the commercial

a regular place of business within Connecticut and divided

domicile of the sponsor of the pension fund or retirement

by the gross income from all such assets and activities. If

account (plus the fair market value of funds allocated to the

the taxpayer uses the Gross Income Method then it must

billing address of the participant if there is no such sponsor.)

continue to use the Gross Income Method until it receives

The election shall be irrevocable for ﬁ ve years and shall be

permission from the Commissioner to use the Average

applicable to all receipts from management, distribution, or

Value Method.

administrative services performed for any pension fund or

See Worksheets A, B, and C for additional assistance for

retirement account.

Line 10.

Line 13 - Other receipts are included in Connecticut receipts if

Line 11 - Enter receipts for providing management, distribution,

such other receipts are derived from a customer with a billing

and administrative services performed on behalf of an

address in Connecticut. Otherwise, use Form CT-1120A.

investment entity, which includes a separate account of an

Line 14 - Add Lines 1 through 13 in Column A and Column B,

insurance company, an investment partnership, a real estate

and enter the total.

investment trust, a real estate mortgage conduit, a ﬁ nancial

Line 15 - Divide Line 14, Column A, by Line 14, Column B. Enter

asset securitization investment trust, or a similar investment

the result here and on Form CT-1120, Corporation Business Tax

entity which is exempt from, or not subject to, federal income

Return, Schedule A, Line 2.

tax. Connecticut receipts received from management, distribution,

and administrative services performed on behalf of an investment

entity are equal to the total amount of such receipts multiplied by

the average value of the interests in the investment entity where

the billing address of the owner is in Connecticut and divided by

the average value of the total interests in the investment entity.

The average value of such interests is calculated by adding the

value of such interests on the ﬁ rst day of the income year and

the value of such interests on the last day of the income year

and dividing that total by two.

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

Page 4 of 7

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