Sec. 12-726. Information required in returns of partnerships and S corporations.
Sec. 12-726. Information required in returns of partnerships and S corporations. (a) Each partnership having any income derived from or connected with sources
within this state, determined in accordance with the provisions of this chapter, shall make
a return for the taxable year setting forth all items of income, gain, loss and deduction, and
the name, address and Social Security or federal employer identification number of each
partner, whether or not a resident of this state, the amount of each partner's distributive
share of (1) such partnership's separately and nonseparately computed items, as described in Section 702(a) of the Internal Revenue Code, (2) any modification described
in section 12-701 which relates to an item of such partnership's income, gain, loss
or deduction, (3) such partnership's separately and nonseparately computed items, as
described in Section 702(a) of the Internal Revenue Code, to the extent derived from
or connected with sources within this state, as determined under this chapter, and (4) any
modification described in section 12-701 which relates to an item of such partnership's
income, gain, loss or deduction, to the extent derived from or connected with sources
within this state, as determined under this chapter, and such other pertinent information
as the Commissioner of Revenue Services may prescribe by regulations and instructions.
Such return shall be filed on or before the fifteenth day of the fourth month following
the close of each taxable year. The partnership shall, on or before the day on which such
return is filed, furnish to each person who was a partner during the taxable year a copy
of such information as shown on the return.
(b) Each S corporation having any income derived from or connected with sources
within this state, determined in accordance with the provisions of this chapter, shall make
a return for the taxable year setting forth all items of income, gain, loss and deduction, and
the name, address and Social Security or federal employer identification number of each
shareholder, whether or not a resident of this state, the amount of each shareholder's
pro rata share of (1) such S corporation's separately and nonseparately computed items,
as described in Section 1366 of the Internal Revenue Code, (2) any modification described in section 12-701 which relates to an item of such S corporation's income, gain,
loss or deduction, (3) such S corporation's separately and nonseparately computed items,
as described in Section 1366 of the Internal Revenue Code, to the extent derived from
or connected with sources within this state, as determined under this chapter, and (4) any
modification described in section 12-701 which relates to an item of such S corporation's
income, gain, loss or deduction, to the extent derived from or connected with sources
within this state, as determined under this chapter, and such other pertinent information
as the Commissioner of Revenue Services may prescribe by regulations and instructions.
Such return shall be filed on or before the fifteenth day of the fourth month following
the close of each taxable year. The S corporation shall, on or before the day on which
such return is filed, furnish to each person who was a shareholder during the taxable
year a copy of such information as shown on the return.
(June Sp. Sess. P.A. 91-3, S. 77, 168; May Sp. Sess. P.A. 92-5, S. 19, 37; P.A. 04-216, S. 55; P.A. 06-159, S. 6.)
History: June Sp. Sess. P.A. 91-3, S. 77, effective August 22, 1991, and applicable to taxable years of taxpayers
commencing on or after January 1, 1991; May Sp. Sess. P.A. 92-5 made various technical and minor changes, effective
June 19, 1992, and applicable to taxable years of taxpayers commencing on or after January 1, 1992; P.A. 04-216 added
requirements re information to be included with returns filed by partnerships and S corporations, made conforming changes
and deleted provision re applicability of section to trusts and estates, effective May 6, 2004, and applicable to taxable years
commencing on or after January 1, 2004; P.A. 06-159 removed references to group return and requirements to list the
name and Social Security number of each partner or shareholder, effective June 6, 2006, and applicable to taxable years
commencing on or after January 1, 2006.