Modifications to Federal Gross Income

In each taxable year that the taxpayer has gain subject to Massachusetts income tax from an installment transaction under M.G.L. c. 62, § 63, the federal gross income of such taxable year shall be modified for the purpose of applying M.G.L. c. 62, § 2 as follows:

(a) the federal gross income shall be increased by the excess of the federal adjusted basis of the property disposed of in the transaction over the Massachusetts adjusted basis of such property; and (b) the federal gross income shall be decreased by the excess of the Massachusetts adjusted basis of the property disposed of in the transaction over the federal adjusted basis of such property; and (c) similar modifications under M.G.L. c. 62, § 6F apply generally to modifying federal gross income under M.G.L. c. 62, § 2, regardless of qualification as an installment transaction under M.G.L. c. 62, § 63; however, no modification shall be made under 830 CMR 62.63.1(7) to the extent that such modification would duplicate a modification required under M.G.L. c. 62, § 6F.