DRS: 12-242-03, Bad debt recoveries - Repealed Effective 2/25/00

DRS has reproduced this regulation. This is an unofficial copy. Official copies of regulations ONLY are available from the Commission on Official Legal Publications, 111 Phoenix Avenue, Enfield, CT 06082,  colp@jud.state.ct.us. Copies of DRS forms and publications are available at http://www.ct.gov/drs.

 

Repealed Effective 2/25/00

Conn. Agencies Regs. Sec. 12-242-3. Bad debt recoveries.

Income attributable to the recovery during the taxable year of a bad debt deducted in any prior year shall be included in gross income for the year in which the recovery is made whether or not such prior deduction resulted in a tax benefit for the federal corporation net income tax or for the Connecticut corporation business tax in the year taken. The provisions of this section shall not be applicable to recoveries on bad debts during a taxable year when such debt or debts were charged to reserve either by a bank under the provisions of the ruling issued by the commissioner of internal revenue entitled "Reserve Method of Accounting for Bad Debts in the Case of Banks" dated December 8, 1947, or any corporation pursuant to the applicable provisions of the internal revenue code.