Definitions

For purposes of 830 CMR 62.63.1, the following terms shall have the following meanings, unless the context requires otherwise: Code , the Internal Revenue Code, as adopted under M.G.L. c. 62, §1(c). Commissioner , the Commissioner of Revenue. Flow-Through Entity, a trust, partnership, S corporation, limited liability company or other entity the income, loss, deductions, credits, and other tax items of which are generally allocated or otherwise attributed on a current basis to the entity's members, partners, shareholders, or beneficiaries for Massachusetts income tax purposes, with such items generally retaining their character and treated as if received, accrued, paid, or incurred directly by such members, partners, shareholders or beneficiaries. Installment Transaction, a transaction that is treated as an installment sale for federal income tax purposes under section 453 of the Code and that would, but for such section and M.G.L. c. 62, § 63, result in Massachusetts gain for the taxable year of the transaction that is equal to or greater than $1,000,000. Installment Sale Treatment, the determination of taxable income from a transaction treated as an installment sale for federal income tax purposes in accordance with the installment method as described in section 453 of the Code. Massachusetts Gain , the entire gain that would be recognized from a transaction and included in Massachusetts gross income as determined under M.G.L. c. 62, § 2 (without regard to the modifications that apply under M.G.L. c. 62, § 63). Taxpayer , an individual, partnership, trust, estate, limited liability company, S corporation or other entity or their members subject to the income tax imposed by M.G.L. c. 62.