Connecticut § 12-506a - Exchange of property.
Full text of Connecticut Connecticut General Statutes § 12-506a — Exchange of property., with citation guidance and answers to common questions.
§ 12-506a. Exchange of property.
Sec. 12-506a. Exchange of property. (a) Repealed by P.A. 73-356, S. 5, 10.
(b) A partnership as such shall not be subject to the tax imposed by this chapter. Persons who are partners shall be liable for said tax only in their individual capacities in the same manner that individuals are liable for partnership income under the federal Internal Revenue Code in effect for the taxable year.
(c) Repealed by P.A. 73-356, S. 5, 10.
(d) The tax imposed in this chapter shall not be applicable with respect to any sale or exchange of agricultural animals.
(June, 1971, P.A. 8, S. 11; P.A. 73-356, S. 5, 10; 73-413; P.A. 80-374.)
History: P.A. 73-356 repealed Subsecs. (a) and (c) re nonrecognizance of gains or losses with regard to exchanges in accordance with Secs. 1031, 1033, 1035 and 1036 of Title 26 of U.S. Internal Revenue Code and re reporting of funds by pledgee, guardian or other fiduciary to be taxed to beneficiary or equitable owners; P.A. 73-413 added Subsec. (d) exempting sale or exchange of agricultural animals from tax; P.A. 80-374 substituted “in effect for the taxable year” for obsolete reference to January 1, 1971, in Subsec. (b).
Source: official Connecticut text · Last verified 2026-08-27
Frequently Asked Questions About Connecticut § 12-506a
What does Connecticut General Statutes § 12-506a cover?
Section 12-506a ("Exchange of property.") is part of the Connecticut General Statutes, the codified statutory law of Connecticut. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Connecticut § 12-506a?
A common citation format is "Connecticut General Statutes § 12-506a" (Connecticut). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Connecticut law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Connecticut official source linked on this page or consult a licensed Connecticut attorney.
How does Connecticut § 12-506a apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Connecticut can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Connecticut.