Vermont Statutes Title 32. Taxation and Finance, § 5910. Definitions; federal conformity

(1) “C corporation” means a corporation that is not an S corporation.

(2) “Code” means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the Code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws.

(3) “Income attributable to Vermont” means items of income, loss, deduction, or credit of the S corporation allocated and apportioned to Vermont pursuant to section 5833 of this title.

(4) “Income not attributable to Vermont” means all items of income, loss, deduction, or credit of the S corporation other than income attributable to Vermont.

(5) “Pro rata share” means the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under, subsection 1377(a) or 1362(e), as the case may be, of the Code.

(6) “S corporation” means a corporation for which a valid election under subsection 1362(a) of the Code is in effect.

(7) “Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S corporation.