2015 Connecticut General Statutes
Title 12 - Taxation
Chapter 224 - Dividends, Interest Income and Capital Gains Tax
Section 12-506a - Exchange of property.
(a) Repealed by P.A. 73-356, S. 5, 10.
(b) A partnership as such shall not be subject to the tax imposed by this chapter. Persons who are partners shall be liable for said tax only in their individual capacities in the same manner that individuals are liable for partnership income under the federal Internal Revenue Code in effect for the taxable year.
(c) Repealed by P.A. 73-356, S. 5, 10.
(d) The tax imposed in this chapter shall not be applicable with respect to any sale or exchange of agricultural animals.
(June, 1971, P.A. 8, S. 11; P.A. 73-356, S. 5, 10; 73-413; P.A. 80-374.)
History: P.A. 73-356 repealed Subsecs. (a) and (c) re nonrecognizance of gains or losses with regard to exchanges in accordance with Secs. 1031, 1033, 1035 and 1036 of Title 26 of U.S. Internal Revenue Code and re reporting of funds by pledgee, guardian or other fiduciary to be taxed to beneficiary or equitable owners; P.A. 73-413 added Subsec. (d) exempting sale or exchange of agricultural animals from tax; P.A. 80-374 substituted “in effect for the taxable year” for obsolete reference to January 1, 1971, in Subsec. (b).
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