§ 44-43-5 - Exemption. - Rhode-island Statutes

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SECTION 44-43-5

§ 44-43-5 Exemption. – To the extent that a long-term capital gain was included in the calculations oftaxes imposed by chapters 11, 13, 14 or 30 of this title, that long-termcapital gain shall be excluded. The long-term capital gain is the long-termcapital gain as defined in 26 U.S.C. § 1222(3) which is:

(1) Recognized by a partner in a certified venture capitalpartnership from the sale or exchange of an interest in the partnership; or

(2) A partner's distributive share (in a certified venturecapital partnership) of any long-term capital gain recognized by thepartnership from the sale or exchange of an interest in any entity which at thetime the interest was acquired was a qualifying business entity; or

(3) The long-term capital gain recognized by an entrepreneurfrom the sale or exchange of an interest in an entity, which at the time theinterest was acquired was a qualifying business entity.

State Codes and Statutes

Statutes > Rhode-island > Title-44 > Chapter-44-43 > 44-43-5

SECTION 44-43-5

§ 44-43-5 Exemption. – To the extent that a long-term capital gain was included in the calculations oftaxes imposed by chapters 11, 13, 14 or 30 of this title, that long-termcapital gain shall be excluded. The long-term capital gain is the long-termcapital gain as defined in 26 U.S.C. § 1222(3) which is:

(1) Recognized by a partner in a certified venture capitalpartnership from the sale or exchange of an interest in the partnership; or

(2) A partner's distributive share (in a certified venturecapital partnership) of any long-term capital gain recognized by thepartnership from the sale or exchange of an interest in any entity which at thetime the interest was acquired was a qualifying business entity; or

(3) The long-term capital gain recognized by an entrepreneurfrom the sale or exchange of an interest in an entity, which at the time theinterest was acquired was a qualifying business entity.

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State Codes and Statutes

Statutes > Rhode-island > Title-44 > Chapter-44-43 > 44-43-5

SECTION 44-43-5

§ 44-43-5 Exemption. – To the extent that a long-term capital gain was included in the calculations oftaxes imposed by chapters 11, 13, 14 or 30 of this title, that long-termcapital gain shall be excluded. The long-term capital gain is the long-termcapital gain as defined in 26 U.S.C. § 1222(3) which is:

(1) Recognized by a partner in a certified venture capitalpartnership from the sale or exchange of an interest in the partnership; or

(2) A partner's distributive share (in a certified venturecapital partnership) of any long-term capital gain recognized by thepartnership from the sale or exchange of an interest in any entity which at thetime the interest was acquired was a qualifying business entity; or

(3) The long-term capital gain recognized by an entrepreneurfrom the sale or exchange of an interest in an entity, which at the time theinterest was acquired was a qualifying business entity.