Instructions For Form Ct-1120 - Connecticut Corporation Business Tax

Form CT-1120 Line Instructions

• If a corporation is a limited partner in one or more

Rounding Off to Whole Dollars

limited partnerships, other than an investment

You must round off cents to the nearest whole dollar on

partnership, and is not otherwise carrying on or

your return and schedules. If you do not round, DRS will

doing business in Connecticut, the partnership may

disregard the cents. Round down to the next lowest dollar

elect for any income year to apportion its net income

all amounts that include 1 through 49 cents. Round up

using Form CT-1120A-LP, Corporation Business

to the next highest dollar all amounts that include 50

Tax Return Apportionment of Limited Partnership

through 99 cents.

Interests.

However, if you need to add two or more amounts to

• Corporations that receive income from rendering

compute the amount to enter on a line, include cents and

services to or on behalf of regulated investment

round off only the total.

companies use Form CT-1120A-IRIC, Corporation

Business Tax Return Apportionment Computation

Example: Add two amounts ($1.29 + $3.21) to

of Income From Services to Regulated Investment

compute the total ($4.50) to enter on a line. $4.50 is

Companies.

rounded to $5.00 and entered on the line.

Line 2 - Enter the appropriate apportionment

fraction from Form CT-1120A, Schedule Q, Line 2;

Schedule A - Computation of Tax on Net

Schedule R, Line 6, Column C; or from the appropriate

Income

forms previously referenced. The fraction must be

A corporation entitled to apportion its net income must

expressed as a decimal and carried to six places.

complete either Form CT-1120A, Corporation Business

Line 3 - Enter the amount from Line 1 multiplied by

Tax Return Apportionment Computation, or one of the

Line 2, or enter the amount from Line 1, if not entitled

special apportionment forms listed below:

to apportion.

• Air carriers use Form CT-1120A-A, Corporation

Line 4 - Enter the amount of any unused losses from

Business Tax Return Apportionment Computation –

Form CT-1120 ATT, Corporation Business Tax Return

Air Carriers.

Attachment, Schedule H, Line 14, Column D, attributable

• Motor bus companies and motor carriers engaged

to Connecticut business operations as reported in years

in multistate business use Form CT-1120A -BMC,

ending December 31, 2000, and thereafter.

Corporation Business Tax Return Apportionment

Apportioned net operating losses incurred for income

Computation – Motor Bus and Motor Carrier

years beginning on or after January 1, 2000, may be

Companies.

carried forward for 20 successive income years. Losses

• Financial service companies use Form CT-1120A-FS,

may not be carried back.

Corporation Business Tax Return Apportionment

Computation of Income From Financial Service

See Form CT-1120CR instructions for information about

Company Activities.

using carryforward losses on a combined return.

• Manufacturers use Form CT-1120A-MFG,

Corporation Business Tax Return Apportionment

Schedule B - Computation of Minimum

Computation – Manufacturing Companies.

Tax on Capital

• Broadcasters and production entities use Form

Use Schedule B to compute the minimum tax on the

CT-1120A-BPE, Corporation Business Tax Return

capital of a corporation. The minimum tax on capital

Apportionment Computation – Broadcasters and

cannot be less than $250 or exceed $1 million.

Production Entities.

Financial service companies are subject to a minimum tax

• Corporations that receive income from rendering

on capital of $250 and do not complete Schedule B. Real

securities brokerage services use Form CT-1120A-

estate investment trusts, regulated investment companies,

SBC, Corporation Business Tax Return Apportionment

or interlocal risk management agencies formed under

Computation – Securities Brokerage Services.

Chapter 113a of the Connecticut General Statutes are

• Corporations that receive income from credit card

not subject to the minimum tax on capital and do not

activities use Form CT-1120A-CCA, Corporation

complete Schedule B.

Business Tax Return Apportionment Computation of

Income From Credit Card Activities.

Page 11

Instructions For Form Ct-1120 - Connecticut Corporation Business Tax - 2012 Page 11

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