NY Tax L § 860 (2021)
2021 New York Laws TAX - Tax Article 24-A - Pass-Through Entity Tax 860 - Definitions.

§ 860. Definitions. For purposes of this article:  (a)  Eligible  partnership. Eligible partnership means any partnership as provided for in section 7701(a)(2) of the Internal Revenue Code  that has  a  filing  requirement  under  paragraph  one  of subsection (c) of section six hundred fifty-eight of this chapter other  than  a  publicly traded  partnership  as  defined in section 7704 of the Internal Revenue Code. An eligible partnership includes any entity, including  a  limited liability  company,  treated  as  a  partnership  for federal income tax purposes that otherwise meets the requirements of this subdivision.  (b) Eligible S corporation. Eligible S corporation means any New  York S  corporation  as  defined pursuant to subdivision one-A of section two hundred eight of this chapter that is subject to tax under  section  two hundred  nine  of  this  chapter. An eligible S corporation includes any entity,  including  a  limited  liability  company,  treated  as  an   S corporation  for  federal  income  tax purposes that otherwise meets the requirements of this subdivision.  (c) Electing partnership.  Electing  partnership  means  any  eligible partnership that made a valid, timely election pursuant to section eight hundred sixty-one of this article.  (d)  Electing S corporation. Electing S corporation means any eligible S corporation that made a valid, timely  election  pursuant  to  section eight hundred sixty-one of this article.  (e)  Taxpayer.  Taxpayer  means any electing partnership or electing S corporation.  (f) Pass-through entity tax. Pass-through entity tax means  the  total tax  imposed  by  this  article  on electing partnerships and electing S corporations.  (g)  Direct  share  of  pass-through  entity  tax.  Direct  share   of pass-through  entity  tax  means  the portion of pass-through entity tax calculated on pass-through entity taxable income that is  also  included in the taxable income of a partner or member of the electing partnership or  the  taxable  income  of a shareholder of the electing S corporation under article twenty-two of this chapter.  (h) Pass-through entity taxable income.  Pass-through  entity  taxable income means: (1) In the case of an electing partnership, the sum of (i) all  items of income, gain, loss, or deduction derived from or connected with New York sources to the extent they are  included  in  the  taxable income  of a nonresident partner subject to tax under article twenty-two under paragraph one of subsection (a) of section six hundred  thirty-two of  this chapter; and (ii) all items of income, gain, loss, or deduction to the extent they are included in the  taxable  income  of  a  resident partner subject to tax under article twenty-two of this chapter.  (2) In the case of an electing S corporation, the sum of (i) all items of  income,  gain, loss, or deduction derived from or connected with New York sources to the extent they would be included under paragraph two of subsection (a) of section six hundred thirty-two of this chapter in  the taxable  income of a shareholder subject to tax under article twenty-two of this chapter.  (i)  Taxable  year.  An   electing   partnership's   or   electing   S corporation's taxable year pursuant to this article shall be the same as the  electing partnership's or electing S corporation's taxable year for federal income tax purposes.