Statement of Purpose, Outline of Topics, Effective Date
(a)Statement of Purpose. 830 CMR 62.63.1 explains the…#
(a) Statement of Purpose. 830 CMR 62.63.1 explains the scope and effect of the Massachusetts installment transaction provision, M.G.L. c. 62, § 63, as to taxpayers who are treated as electing installment sale treatment for federal income tax purposes under section 453 of the Code. (b) Outline of Topics. 830 CMR 62.63.1 is organized as follows:
(1) Statement of Purpose, Outline of Topics, Effective Date (2) Definitions (3) Transition Rules (4) Massachusetts Gain At Least $1 million (5) Massachusetts Gain Less Than $1 million (6) Contingent Payments (7) Modifications to Federal Gross Income (8) Tax Rate Applicable to Installment Payments (9) Nonresidents; Interest on Installment Obligation (10) Flow-Through Entities (11) Elections; Form of Security
(c)Effective Date . 830 CMR 62.63.1 takes effect upon…#
(c) Effective Date . 830 CMR 62.63.1 takes effect upon promulgation and applies to transactions occurring during tax years beginning on or after January 1, 2005.