The taxation of mutual funds and their investors under RSA 77, except such funds that are qualified investment companies under RSA 77-A:1, XXI, and their holders, shall be determined by the status of the investor’s shares or interests as either:

1. (a) Shares which are transferable, in which case:

   1. (1) The mutual fund shall not be subject to the tax; and
   2. (2) The individual investors shall be taxable and required to file tax returns; or

2. (b) Shares which are not transferable, in which case:

   1. (1) The mutual fund shall be taxable and required to file tax returns; and
   2. (2) The individual investors shall not be subject to the tax as to the interest and dividend income received by the fund until distributed.

Source. #4557, eff 12-28-88; ss by #5947, eff 12-29-94; ss by #6321, eff 8-22-96; ss by #8137, eff 8-10-04 (from Rev 902.04); ss by #10211, eff 10-24-12; ss by #13443, eff 8-12-22