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us-co/statute/39/39-22-108.5 — Dual resident trusts - income tax calculation · Axiom

Dual resident trusts - income tax calculation

3 rules

(1) With respect to a trust that is a resident of another state and becomes a resident of Colorado after May 25, 2006, and that is subject to income taxes in the other state and in Colorado by virtue of the trust's dual residence, the executive director shall, in lieu of the credit granted in section 39-22-108 (1), allow a credit to the Colorado income tax to be determined in accordance with this section.

(2) The credit amount shall be equal to the Colorado income tax imposed on the portion of the trust's income that is subject to tax in Colorado and the other state, multiplied by a percentage equal to the other state's income tax rate for the income tax year divided by the sum of the income tax rates of Colorado and the other state for the income tax year.

(3) If the credit amount in subsection (2) of this section is computed using more than one other state, the percentage used shall equal the combined total of all the other states' income tax rates for the income tax year divided by the combined income tax rates of Colorado and the other states for the income tax year.

(4) For purposes of this section, state income tax rate means the trust's state income tax liability divided by the trust's taxable income used to compute the state income tax liability.

(5) The provisions of section 39-22-108 (3), (4), and (5) shall apply to this section.

in view

Whole section

Encodings · 3

colorado_state_income_tax_rateCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(4)

name: colorado_state_income_tax_rate
kind: derived
entity: Trust
dtype: Rate
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            state income tax rate means the trust's state income tax liability
            divided by the trust's taxable income used to compute the state
            income tax liability
versions:
  - effective_from: '2006-05-26'
    formula: >-
      colorado_state_income_tax_liability /
      colorado_taxable_income_used_to_compute_state_income_tax_liability

dual_resident_trust_credit_percentageCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(2)-(4)

name: dual_resident_trust_credit_percentage
kind: derived
entity: Trust
dtype: Rate
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            the combined total of all the other states' income tax rates for the
            income tax year divided by the combined income tax rates of Colorado
            and the other states
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            state income tax rate means the trust's state income tax liability
            divided by the trust's taxable income
versions:
  - effective_from: '2006-05-26'
    formula: >-
      combined_other_states_income_tax_rates / (colorado_state_income_tax_rate +
      combined_other_states_income_tax_rates)

dual_resident_trust_income_tax_creditCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(1)-(3)

name: dual_resident_trust_income_tax_credit
kind: derived
entity: Trust
dtype: Money
unit: USD
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            a trust that is a resident of another state and becomes a resident
            of Colorado after May 25, 2006
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            subject to income taxes in the other state and in Colorado by virtue
            of the trust's dual residence
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            Colorado income tax imposed on the portion of the trust's income
            that is subject to tax in Colorado and the other state, multiplied
            by a percentage
versions:
  - effective_from: '2006-05-26'
    formula: >-
      if
      trust_was_resident_of_another_state_before_becoming_colorado_resident_after_applicable_date
      and
      trust_is_subject_to_income_tax_in_colorado_and_other_states_by_virtue_of_dual_residence:
      colorado_income_tax_on_income_subject_to_tax_in_colorado_and_other_states
      * dual_resident_trust_credit_percentage else: 0

▸rulespec code

Shown source

statutes/39/39-22-108.5.yaml

Displaying the canonical repository encoding.

View on GitHub

Rules

colorado_state_income_tax_rate

Derived

source: Colo. Rev. Stat. § 39-22-108.5(4)

- name: colorado_state_income_tax_rate
  kind: derived
  entity: Trust
  dtype: Rate
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              state income tax rate means the trust's state income tax liability divided by the
              trust's taxable income used to compute the state income tax liability
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        colorado_state_income_tax_liability /
        colorado_taxable_income_used_to_compute_state_income_tax_liability

dual_resident_trust_credit_percentage

Derived

source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)

- name: dual_resident_trust_credit_percentage
  kind: derived
  entity: Trust
  dtype: Rate
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              the combined total of all the other states' income tax rates for the income tax year
              divided by the combined income tax rates of Colorado and the other states
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              state income tax rate means the trust's state income tax liability divided by the
              trust's taxable income
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        combined_other_states_income_tax_rates / (colorado_state_income_tax_rate +
        combined_other_states_income_tax_rates)

dual_resident_trust_income_tax_credit

Derived

source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)

- name: dual_resident_trust_income_tax_credit
  kind: derived
  entity: Trust
  dtype: Money
  unit: USD
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              a trust that is a resident of another state and becomes a resident of Colorado after
              May 25, 2006
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              subject to income taxes in the other state and in Colorado by virtue of the trust's
              dual residence
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              Colorado income tax imposed on the portion of the trust's income that is subject to
              tax in Colorado and the other state, multiplied by a percentage
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        if
        trust_was_resident_of_another_state_before_becoming_colorado_resident_after_applicable_date
        and trust_is_subject_to_income_tax_in_colorado_and_other_states_by_virtue_of_dual_residence:
        colorado_income_tax_on_income_subject_to_tax_in_colorado_and_other_states *
        dual_resident_trust_credit_percentage else: 0

▸citations (2)

References

This rule cites 2 other rules.

CO 39 § 39-22-108 (1)inferredCO › Statutes › Title 39 › § 39-22-108 › (1)
CO 39 § 39-22-108 (3)inferredCO › Statutes › Title 39 › § 39-22-108 › (3)

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Dual resident trusts - income tax calculation

3 rules

Official source

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(4) For purposes of this section, state income tax rate means the trust's state income tax liability divided by the trust's taxable income used to compute the state income tax liability.

(5) The provisions of section 39-22-108 (3), (4), and (5) shall apply to this section.

in view

Whole section

Encodings · 3

colorado_state_income_tax_rateCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(4)

name: colorado_state_income_tax_rate
kind: derived
entity: Trust
dtype: Rate
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            state income tax rate means the trust's state income tax liability
            divided by the trust's taxable income used to compute the state
            income tax liability
versions:
  - effective_from: '2006-05-26'
    formula: >-
      colorado_state_income_tax_liability /
      colorado_taxable_income_used_to_compute_state_income_tax_liability

dual_resident_trust_credit_percentageCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(2)-(4)

name: dual_resident_trust_credit_percentage
kind: derived
entity: Trust
dtype: Rate
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            the combined total of all the other states' income tax rates for the
            income tax year divided by the combined income tax rates of Colorado
            and the other states
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            state income tax rate means the trust's state income tax liability
            divided by the trust's taxable income
versions:
  - effective_from: '2006-05-26'
    formula: >-
      combined_other_states_income_tax_rates / (colorado_state_income_tax_rate +
      combined_other_states_income_tax_rates)

dual_resident_trust_income_tax_creditCO 39 § 39-22-108.5 · derived

Colo. Rev. Stat. § 39-22-108.5(1)-(3)

name: dual_resident_trust_income_tax_credit
kind: derived
entity: Trust
dtype: Money
unit: USD
period: Year
source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            a trust that is a resident of another state and becomes a resident
            of Colorado after May 25, 2006
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            subject to income taxes in the other state and in Colorado by virtue
            of the trust's dual residence
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-22-108.5
          excerpt: >-
            Colorado income tax imposed on the portion of the trust's income
            that is subject to tax in Colorado and the other state, multiplied
            by a percentage
versions:
  - effective_from: '2006-05-26'
    formula: >-
      if
      trust_was_resident_of_another_state_before_becoming_colorado_resident_after_applicable_date
      and
      trust_is_subject_to_income_tax_in_colorado_and_other_states_by_virtue_of_dual_residence:
      colorado_income_tax_on_income_subject_to_tax_in_colorado_and_other_states
      * dual_resident_trust_credit_percentage else: 0

▸rulespec code

Shown source

statutes/39/39-22-108.5.yaml

Displaying the canonical repository encoding.

View on GitHub

Rules

colorado_state_income_tax_rate

Derived

source: Colo. Rev. Stat. § 39-22-108.5(4)

- name: colorado_state_income_tax_rate
  kind: derived
  entity: Trust
  dtype: Rate
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              state income tax rate means the trust's state income tax liability divided by the
              trust's taxable income used to compute the state income tax liability
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        colorado_state_income_tax_liability /
        colorado_taxable_income_used_to_compute_state_income_tax_liability

dual_resident_trust_credit_percentage

Derived

source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)

- name: dual_resident_trust_credit_percentage
  kind: derived
  entity: Trust
  dtype: Rate
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(2)-(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              the combined total of all the other states' income tax rates for the income tax year
              divided by the combined income tax rates of Colorado and the other states
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              state income tax rate means the trust's state income tax liability divided by the
              trust's taxable income
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        combined_other_states_income_tax_rates / (colorado_state_income_tax_rate +
        combined_other_states_income_tax_rates)

dual_resident_trust_income_tax_credit

Derived

source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)

- name: dual_resident_trust_income_tax_credit
  kind: derived
  entity: Trust
  dtype: Money
  unit: USD
  period: Year
  source: Colo. Rev. Stat. § 39-22-108.5(1)-(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              a trust that is a resident of another state and becomes a resident of Colorado after
              May 25, 2006
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              subject to income taxes in the other state and in Colorado by virtue of the trust's
              dual residence
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-22-108.5
            excerpt: >-
              Colorado income tax imposed on the portion of the trust's income that is subject to
              tax in Colorado and the other state, multiplied by a percentage
  versions:
    - effective_from: '2006-05-26'
      formula: >-
        if
        trust_was_resident_of_another_state_before_becoming_colorado_resident_after_applicable_date
        and trust_is_subject_to_income_tax_in_colorado_and_other_states_by_virtue_of_dual_residence:
        colorado_income_tax_on_income_subject_to_tax_in_colorado_and_other_states *
        dual_resident_trust_credit_percentage else: 0

▸citations (2)

References

This rule cites 2 other rules.

CO 39 § 39-22-108 (1)inferredCO › Statutes › Title 39 › § 39-22-108 › (1)
CO 39 § 39-22-108 (3)inferredCO › Statutes › Title 39 › § 39-22-108 › (3)