Colorado DOR Excludes Real Estate Sale from S Corporation’s Apportionment Factor

The Colorado Department of Revenue (DOR) issued a private letter ruling excluding real estate sale from an S corporation’s apportionment factor income tax purposes. The taxpayer is an S corporation filing a unitary tax return that includes income from the partnership. The ruling held that gross receipts from the sale of Colorado real estate by a partnership owned by the taxpayer company were not included in receipts for calculating the company’s Colorado apportionment factor under C.R.S. 39-22-303.6, because the real estate sale was not in the regular course of the partnership’s trade or business of operating assisted living facilities. [Colo. ...