Section 8-273-20 - Computing average annual net income; businesses and farm operations(a) For the purposes of this subpart, the average annual net income of a business or farm operation is its average annual net earnings before Federal, State, and local income taxes during the 2 tax years immediately preceding the tax year in which it is displaced. Net earnings include compensation obtained from the business or farm operation by its owner, his spouse, or dependents, or in the case of a corporate owner, by the holder or a majority of the common stock, his spouse, or dependents.(b) For the purpose of determining majority ownership, stock held by an individual, his spouse, and his dependents shall lie treated as a unit.(c) If the agency concerned finds that the 2 tax years immediately preceding displacement are not representative, or if the business or farm operation has not been in operation that long, it may, with the concurrence of the appropriate state agency official, prescribe some other time period for computing average annual net income.(d) If a displaced person who conducts a business or farm operation elects to receive a fixed payment under this subpart, he shall provide proof of his earnings from the business or farm operation to the agency concerned. Proof of earnings may be established by income tax returns, certified financial statements, or other similar evidence.Conn. Agencies Regs. § 8-273-20