Source: https://tax.ny.gov/forms/corp_up_to_date_info_2015.htm
Timestamp: 2017-12-14 10:12:04
Document Index: 557794121

Matched Legal Cases: ['art 6', 'art 6', '§210', 'art 6', 'art 6', 'art 6', '§210', 'art 6', '§210', 'art 2', 'art 1', 'art 1', 'art 6', 'art 2', 'art 2', 'art 6', 'art 6', 'arts 1', 'art 6', 'art 6', 'art 6', '§210', 'art 6', 'art 6']

Corporation tax up-to-date information for 2015 (Articles 9, 9-A, 13, and 33)
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The following changes were not reflected on the forms for 2015 when they went to print
CT-3-I
CT-3.1-I
CT-3.2-I
CT-33-A-I
CT-33-D-I
CT-222-I
CT-225-I and CT-225-A-I
CT-641-I
6) On page 16, Part 6, Line 8 instructions, first paragraph, add the following as a new 3rd sentence:
“Financial instruments reported on lines 29 and 30 are not necessarily all of one type.”
5) On page 16, Part 6, line 8 instructions, add under item “b)” the following as a new paragraph:
“For lines 28, 29, and 30, when the QFI box next to the section heading above line 28 or line 29 is marked: 1) in the case of line 28 it does not indicate that all financial instruments being reported on line 28 are QFIs (marked to market net gains from loans secured by real property are reported on line 28, but such loans are never QFIs; all financial instruments for which marked to market net gains are reported on line 28 are QFIs, except for such loans); and 2) in the case of lines 29 and 30 it does not indicate that all financial instruments being reported on either line 29 or line 30 are QFIs (due to the fact that lines 29 and 30 may report more than one type of financial instrument). For lines 29 and 30 it is an instrument by instrument determination as to when “other” financial instruments are of the same type. When the 8% fixed percentage method is elected, use such method for all financial instruments, including financial instruments reported under §210-A.5(a)(2)(G), that are QFIs (see text added to the end of the line 30 instructions by previously issued CT-3-I update #2).”
4) On page 18, first column, line 30 instructions, add as a 2nd paragraph after the previously issued CT-3-I update #2:
“When you have net gains/(losses) from sales of more than one type of “other” financial instruments, or net income/(loss) from more than one type of “other” financial instruments, you must compute the net gain (not less than zero), or net income (not less than zero) for each type separately.”
3) On page 16, Part 6, Line 8 instructions, first paragraph, add the following sentence to the end of such first paragraph:
“A stock that generates other exempt income as defined in section 208.6-a, and that is not, itself, marked to market under section 475 or section 1256 of the IRC, is not a QFI with respect to such other exempt income only, even if other stocks are marked to market in the tax year.”
2) On page 18, first column, under the heading “Section 210-A.5(a)(2)(H) – Income from other financial instruments” line 30 instruction, add the following text to the end of the current instruction:
1) On page 16, first column, add the following at the beginning of the first sentence of the 3rd paragraph under the heading “Section 210-A.5(a)(1) – Qualified financial instruments (QFIs), the 8% method” (the line 8 instruction):
“Regardless of whether or not the 8% fixed percentage method is elected, when any financial instrument has been marked to market that is reported on:...”
12) On page 17, Part 6, Line 8 instructions, first paragraph, add the following as a new 3rd sentence: “Financial instruments reported on lines 29 and 30 are not necessarily all of one type.”
11) On page 17, Part 6, line 8 instructions, add under item “b)” the following as a new paragraph:
“For lines 28, 29, and 30, when the QFI box next to the section heading above line 28 or line 29 is marked: 1) in the case of line 28 it does not indicate that all financial instruments being reported on line 28 are QFIs (marked to market net gains from loans secured by real property are reported on line 28, but such loans are never QFIs; all financial instruments for which marked to market net gains are reported on line 28 are QFIs, except for such loans); and 2) in the case of lines 29 and 30 it does not indicate that all financial instruments being reported on either line 29 or line 30 are QFIs (due to the fact that lines 29 and 30 may report more than one type of financial instrument). For lines 29 and 30 it is an instrument by instrument determination as to when “other” financial instruments are of the same type. When the 8% fixed percentage method is elected, use such method for all financial instruments, including financial instruments reported under §210-A.5(a)(2)(G), that are QFIs (see second paragraph of line 30 instructions).”
10) On page 19, Part 6, line 28 instructions, add the following immediately after the current last sentence:
“However, when sourcing the marked to market net gain from loans secured by real property, always use customer-based sourcing (even when the 8% fixed percentage method election was made). If using customer-based sourcing to source such marked to market net gains, when §210-A.5(a)(2)(j)(iii) applies never include any amounts sourced under the 8% fixed percentage method election in computing the NYS aggregate marked to market factor in Part 2 of Worksheet C.”
9) On page 26, “Line instructions for Worksheet B”, “Part 1”, at end of “Step 1” instruction add as a new paragraph:
“When you have net gains from sales of more than one type of “other” financial instruments, report such sales using an additional line 30.1 to report each such type, and when you have “other” income from more than one type of “other” financial instruments, report such “other” income using an additional line 30.2 to report each such type. Include the amounts from these additional lines in the same manner as you would for the lines 30.1 and 30.2 provided on the worksheet, as you complete the steps below, as applicable.”
8) On page 26, “Line instructions for Worksheet B”, “Part 1”, “Step 2”, “Condition 2”, add new text to “2.2” so that first sentence reads as:
“the applicable QFI box is marked on Form CT-3-A, Part 6, for the applicable section heading above line 30, and the receipts to be reported on a line 30.1 or 30.2 represent receipts from QFIs, . . . “
7) On page 29, add the word “generally” to the sentence in the 2nd column that begins with “Part 2” so that such sentence now reads:
“Part 2 of the worksheet is generally . . . “
6) On page 29, “Line instructions for Worksheet C”, add text to the end of the last sentence of the first paragraph so that such last sentence now reads:
“Do not complete the steps under the Customer-based sourcing instructions, unless instructed otherwise elsewhere.”
5) On page 30, add as a new paragraph immediately above the box with “8% fixed percentage method sourcing”:
“Regardless of whether or not the fixed percentage method for QFIs is in effect, when you have marked to market gains/(losses) from more than one type of “other” financial instruments, use an additional line 30 for each separate type of “other” financial instruments for which you have marked to market gains/(losses); include the amounts from these additional lines in the same manner as you would for the line 30 provided on the worksheet as you complete the steps below, as applicable.”
4) On page 17, Part 6, Line 8 instructions, first paragraph, add the following sentence to the end of such first paragraph: “A stock that generates other exempt income as defined in section 208.6-a, and that is not, itself, marked to market under section 475 or section 1256 of the IRC, is not a QFI with respect to such other exempt income only, even if other stocks are marked to market in the tax year.”
3) On page 21, Worksheet for Part 6, line 47, the line 7, 8, and 9 text is changed to read:
2) On page 27, in the Step 2 instruction that begins on page 26, the reference to Step 3 should be changed to “Totals of Parts 1 and 2.”
1) On page 30, first column, first paragraph, in the parenthetical, the word “not” should appear before the word “marked,” so that the parenthetical reads “... (Form CT-3-A, Part 6, line 8 box is not marked), ...”
5) On page 8, Part 6, Line 57 instructions, first paragraph, add the following as a new 3rd sentence:
“Financial instruments reported on lines 78 and 79 are not necessarily all of one type.”
4) On page 8, Part 6, line 57 instructions, add under item “b)” the following as a new paragraph:
“For lines 77, 78, and 79, when the QFI box next to the section heading above line 77 or line 78 is marked: 1) in the case of line 77 it does not indicate that all financial instruments being reported on line 77 are QFIs (marked to market net gains from loans secured by real property are reported on line 77, but such loans are never QFIs; all financial instruments for which marked to market net gains are reported on line 77 are QFIs, except for such loans); and 2) in the case of lines 78 and 79 it does not indicate that all financial instruments being reported on either line 78 or line 79 are QFIs (due to the fact that lines 78 and 79 may report more than one type of financial instrument). For lines 78 and 79 it is an instrument by instrument determination as to when “other” financial instruments are of the same type. When the 8% fixed percentage method is elected, use such method for all financial instruments, including financial instruments reported under §210-A.5(a)(2)(G), that are QFIs (see text added to the end of the line 79 instructions by previously issued CT-3-S-I update #1).”
3) On page 8, Part 6, Line 57 instructions, first paragraph, add the following sentence to the end of such first paragraph: “A stock that generates other exempt income as defined in section 208.6-a, and that is not, itself, marked to market under section 475 or section 1256 of the IRC, is not a QFI with respect to such other exempt income only, even if other stocks are marked to market in the tax year.”
2) On page 8, second column, add the following at the beginning of the first sentence of the 3rd paragraph under the heading “Section 210-A.5(a)(1) – Qualified financial instruments (QFIs), the 8% method” (the line 57 instruction):
1) On page 10, first column, under the heading “Section 210-A.5(a)(2)(H) – Income from other financial instruments” line 79 instruction, add the following text to the end of the current instruction:
On page 2, Schedule B, the following should be added at the end of the definition for other exempt income, after the Tax Law citation: “Provided, however, that if a stock that generates other exempt income as defined in section 208.6-a is, itself, marked to market, and the 8% fixed percentage method election is made, no income from such stock is includible in other exempt income for that tax year. For information concerning marking to market, and the 8% fixed percentage method election, see the Part 6, line 8 instructions of Form CT-3-I, CT-3-A-I, or CT-3-S-I, as applicable.”
On page 2, under the schedule C, line 5 instructions for the definition of total assets, and on page 3, under the Schedule D instructions for the definition of total assets, the 5th sentence is changed to read as follows: “For leased assets that are not properly reflected on a balance sheet, only leased real property is included in total assets, and such real property is valued at the annual lease payment multiplied by eight.”
The line 74 instructions on page 7 should read: If you have other additions to FTI, you must complete Form CT-225-A, New York State Modifications (for filers of combined franchise tax returns). Enter the amount from Form CT-225-A, line 5.
The mailing address for Form CT-33-D has changed. The new address is in the (8/16) version of the instructions, Form CT-33-D-I. Follow this link to Form TP-32.1 to see the new mailing addresses for all Forms CT-33-D (for contracts with dates both before and after July 21, 2011). (Forms CT-33-D that were recently mailed to the older address have been forwarded.)
The NYS Corporation Tax mailing address on page 1 was changed to: NYS CORPORATION TAX, PO BOX 15181, ALBANY NY 12212-5181. The previous PO Box 22038 is no longer valid. Revised instructions were posted on 5/12/16.
On page 4, the heading that reads Line 99 should read Line 98.
There is a new subtraction code, S-509, to be used to report expenses attributable to income that is not in federal taxable income due to a tax treaty. This is for Form CT-3 and CT-3-A filers that are alien corporations only. Also see A-506.
As a result of recent legislation, the ordering of tax credits under Article 9-A of the Tax Law has been amended. Any carry forward of EZ Wage Tax Credit or ZEA Wage Tax Credit used in 2015 must be entered on Form CT-600 in Section 4, on line 32, instead of Section 2, line 6.