Section 45IAC3.1-1-10. Definition of adjusted gross income for fiduciaries

   Fiduciary Adjusted Gross Income Defined. Adjusted gross income shall mean "taxable income" as defined in Section 641 (b) of the Internal Revenue Code, reduced by interest on U.S. Government obligations and other income exempt from taxation under the Adjusted Gross Income Tax Act and the United States Constitution. Accordingly, for purposes of the Adjusted Gross Income Tax Act, adjusted gross income will be equal to the net taxable income required to be reported on the U.S. Fiduciary Income Tax Return (Form 1041) reduced by exempt income as defined in this regulation [45 IAC 3.1-1-10]. (Department of State Revenue; Reg 6-3-1-3.5(c)(010); filed Oct 15, 1979, 11:15 am: 2 IR 1518; errata, 2 IR 1743)