reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-3 - PROPERTY FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-3.1 - Computation of the property factor

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The percentage of the surcharge
					 taxpayer's real property and tangible personal property, whether owned by or
					 rented to the surcharge taxpayer, that is within the MCTD is determined by
					 dividing the average value of such property within the MCTD (without deduction
					 of any encumbrances) by the average value of all such property within New York
					 State (without deduction of any encumbrances). For purposes of this section,
					 the value of real property owned by the surcharge taxpayer and the value of
					 tangible personal property owned by the surcharge taxpayer means the adjusted
					 basis of such properties for Federal income tax purposes.
(b) The term "real property" includes land,
					 buildings, structures, and improvements thereon. In addition, it includes
					 shares in a cooperative housing corporation, as defined in IRC section 216(b),
					 in connection with the grant or transfer of a proprietary leasehold. Such
					 shares in a cooperative housing corporation will be deemed to be owned within
					 New York State if the property owned or leased by such corporation, as
					 described in IRC section 216(b)(1)(B), is located in New York State, and such
					 shares will be deemed to be owned within the MCTD if such property is located
					 within the MCTD.
(c) The term
					 "tangible personal property" means corporeal personal property, such as
					 machinery, tools, implements, goods, wares and merchandise. It does not mean
					 money, deposits in banks, shares of stock, bonds, notes, credits or evidences
					 of any interest in property and evidences of debt.
(d)
(1) The
					 average value of real property owned by the surcharge taxpayer and tangible
					 personal property owned by the surcharge taxpayer is determined in accordance
					 with the provisions of section
					 3-2.4  of this Subchapter
					 applicable to the valuation of assets included in business capital. The same
					 method of valuation must be used consistently with respect to property located
					 within the MCTD and all property located in New York State.
(2) For purposes of paragraphs (3) and (4) of
					 subdivision (e) of this section, the average value of tangible personal
					 property owned by the surcharge taxpayer that is in transit and is considered
					 to be within the MCTD will be determined based on the value of such property
					 during the time that it is in transit.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-3 - PROPERTY FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-3.2 - Election for fair market value

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On or before the due date for filing its
					 original report (determined with regard to extensions of time for filing) for
					 its first taxable year beginning on or after January 1, 2015, the surcharge
					 taxpayer may make a one-time revocable election to use fair market value (FMV),
					 as defined in section
					 3-2.3  of this Subchapter, as the
					 value of all its real property and tangible personal property owned. Such
					 election must be made on the surcharge taxpayer's original report for its first
					 taxable year beginning on or after January 1, 2015, and shall not be made on an
					 amended report.
(b) The election
					 under this section:
(1) will not apply to any
					 taxable year with respect to a combined report unless the combined group's
					 designated agent makes, or has made, a valid election pursuant to subdivision
					 (a) of this paragraph and applies such election to all corporations properly
					 included in the combined report;
(2) will continue to be in effect until
					 revoked by the surcharge taxpayer or the combined group's designated agent, if
					 applicable, on a report for a subsequent taxable year, and will be deemed to
					 have been revoked starting with such subsequent taxable year.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-3 - PROPERTY FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-3.3 - Real and tangible personal property rented to the surcharge taxpayer

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Real and tangible personal property
					 rented to the surcharge taxpayer must be included for purposes of computation
					 of the property factor.
(2) The
					 value of real and tangible personal property that is rented to the surcharge
					 taxpayer is determined by multiplying the gross rents payable during the period
					 covered by the report by eight.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-3 - PROPERTY FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-3.4

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-3 - PROPERTY FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-3.5

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-4 - RECEIPTS FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-4.1 - Computation of the receipts factor

Current through Register Vol. 46, No. 28, July 10, 2024
The percentage of a surcharge taxpayer's receipts within
						the MCTD is determined pursuant to the apportionment rules described in section
						210-A and this Subchapter, with the following exceptions:
(a) The numerator of the apportionment
					 fraction under section 210-A is the denominator for purposes of the MCTD
					 receipts factor.
(b) The numerator
					 of the MCTD receipts factor is determined by applying the rules of section
					 210-A as if those rules made reference to the MCTD rather than to New York
					 State.
(c) In the case of a
					 combined report, the combined group's receipts factor of the MCTD apportionment
					 percentage will be determined after the elimination of intercorporate and
					 inter-entity receipts.
(d)
					 Adjustment must be made for qualified financial instruments (QFIs), as defined
					 in section 210-A and this Subchapter, and other statutorily imposed
					 apportionment percentages for purposes of the MCTD receipts factor, as follows:
(1) If a surcharge taxpayer elects to use the
					 fixed percentage method to apportion receipts from QFIs to the State pursuant
					 to section 210-A(5)(a)(1) and section
					 4-2.4(c)  or
					 section 9-4.3  of this Subchapter, the
					 fixed percentage method applies in computing the receipts factor under this
					 Subpart.
(2) If 8% of the receipts
					 specified in a provision of section 210-A(5) are required by such provision and
					 this Subchapter to be included in the numerator of the apportionment fraction
					 under section 210-A(5), then 90% of the 8% will be considered to be within the
					 MCTD, and 100% of the 8% will be considered to be within New York State. This
					 rule also is applicable in determining the amount of any other receipts
					 received by a credit card processor that are deemed to have been generated
					 within the MCTD.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-5 - PAYROLL FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-5.1 - Computation of the payroll factor

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
					 The percentage of the surcharge taxpayer's payroll apportioned to the MCTD is
					 determined by dividing the wages, salaries and other personal service
					 compensation of the surcharge taxpayer's employees within the MCTD, except
					 general executive officers, during the period covered by the report by the
					 total amount of such compensation of all of the surcharge taxpayer's employees
					 within New York State, except general executive officers, during the period
					 covered by the report.
(b) Wages,
					 salaries and other compensation include all amounts paid for services rendered
					 to the surcharge taxpayer by its employees, after intercorporate eliminations
					 of such amounts paid by members of a combined group, and do not include amounts
					 paid by the surcharge taxpayer that do not have the element of compensation for
					 personal services already rendered or to be rendered.
(c) Wages, salaries and other compensation
					 are computed either on the cash or the accrual basis, in accordance with the
					 method of accounting used in computing the entire net income (ENI) of the
					 surcharge taxpayer.
(d)
(1) Employees within the MCTD include all
					 employees regularly connected with or working out of an office or place of
					 business of the surcharge taxpayer within the MCTD, irrespective of where the
					 services of such employees were performed. However, the commissioner may permit
					 or require the surcharge taxpayer to instead compute the payroll factor on the
					 basis of the amount of compensation paid for services performed within the MCTD
					 if both of the following are established:
(i)
					 that a substantial part of the surcharge taxpayer's payroll was paid to
					 employees either attached to an office in the MCTD, but who performed a
					 substantial part of their services outside the MCTD, or attached to an office
					 outside the MCTD, but who performed a substantial part of their services within
					 the MCTD; and
(ii) that the
					 computation of the payroll factor according to the general rule stated above
					 would not properly reflect the amount of the surcharge taxpayer's business done
					 within the MCTD by its employees.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 8 - METROPOLITAN TRANSPORTATION BUSINESS TAX SURCHARGE › Subpart 8-5 - PAYROLL FACTOR OF MCTD APPORTIONMENT PERCENTAGE › Section 8-5.2 - Definition of employee

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
					 purposes of computing the payroll factor, the term "employee" means any
					 individual whose relationship with the surcharge taxpayer is that of employer
					 and employee, as described in subdivision (b) of this section. The wages,
					 salaries and other personal service compensation of every such individual,
					 except general executive officers, will be included in the computation of the
					 payroll factor of the MCTD apportionment percentage.
(b) Generally, the relationship of employer
					 and employee exists when the surcharge taxpayer has the right to control and
					 direct the individual not only as to the result to be accomplished by such
					 employee, but also as to the means by which such result is to be accomplished.
					 If the relationship of employer and employee exists, the designation or
					 description of the relationship, as well as the measure, method and designation
					 of the employee's compensation, are immaterial.
(c) A director of a corporation is not an
					 employee. Therefore, compensation paid to directors for acting in their
					 capacity as directors should not be included in computing the payroll factor.
					 In addition, a partner in a partnership cannot be an employee of that
					 partnership.
(d)
(1) For purposes of this section, a general
					 executive officer is an appointed or elected officer of the corporation who
					 either has company-wide authority with respect to the officer's assigned
					 functions or duties or is responsible for an entire division of the company.
					 Specifically, a general executive officer:
(i) will have been elected by the
					 shareholders of the corporation;
(ii) will have been elected or appointed by
					 the board of directors of the corporation; or
(iii) if initially appointed by another
					 officer, will have had such appointment ratified by the board of directors of
					 the corporation.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-1 - QUALIFIED NEW YORK MANUFACTURERS › Section 9-1.1 - General Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 210(1)(a)(vi) and 210(1)(b)(2))
For purposes of this Subpart, the following terms have
						the following meaning.
(a) "New York
					 state adjusted basis" means the adjusted basis of such property for Federal
					 income tax purposes at the close of the taxable year plus the accumulated
					 amount of the Federal depreciation deductions disallowed under section
					 208(9)(b)(17) for such property (including the depreciation deductions for the
					 current taxable year) minus the accumulated amount of the subtractions from
					 Federal taxable income allowed under section 208(9)(a)(17) for such property
					 (including the subtractions for the current taxable year).
(b) "Qualified manufacturing property" means
					 tangible personal property and other tangible property, including buildings and
					 structural components of buildings, owned by the corporation and principally
					 used by the corporation or, in the case of a combined report, principally used
					 by the corporation or another member of the combined group, in the production
					 of goods by manufacturing, processing, assembling, refining, mining,
					 extracting, farming, agriculture, horticulture, floriculture, viticulture or
					 commercial fishing, that
(i) are depreciable
					 pursuant to IRC section 167,
(ii)
					 have a useful life of four years or more,
(iii) are acquired by purchase as defined in
					 IRC section 179(d), and (iv) have a situs in New York State. It does not
					 include tangible personal property and other tangible property qualifying under
					 clauses (B) through (G) of section 210-B(1)(b)(i).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-1 - QUALIFIED NEW YORK MANUFACTURERS › Section 9-1.3 - Contract manufacturing

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
					 For purposes of this section, a corporation that contracts out its production
					 activities is referred to as "the contracting company". The entity to whom the
					 production activities are contracted is referred to as "the production
					 company".
(b)
(1) In determining if the contracting company
					 is a qualified New York manufacturer, it may include the assets and employees
					 used in the production activities in that determination only if the contracting
					 company owns the assets being used by the production company in the production
					 activities and only its employees operate or use those assets.
(2) Receipts earned by the contracting
					 company from the sale of goods produced by the production company on behalf of
					 the contracting company are not receipts from the sale of goods produced by
					 manufacturing activities and, thus, would not be included in the numerator of
					 the fraction used in the computation of the principally engaged test.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-1 - QUALIFIED NEW YORK MANUFACTURERS › Section 9-1.4 - Corporate Partners

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
					 corporation that is a partner in a partnership filing under the aggregate
					 method must combine its distributive share of receipts from the partnership
					 with its own receipts in the computation of the principally engaged
					 test.
(b) A corporation that is a
					 partner in a partnership filing under the aggregate method must combine its
					 proportionate part of the partnership's qualified manufacturing property and
					 qualified manufacturing employees with its own qualified manufacturing property
					 and qualified manufacturing employees to determine if it is a qualified New
					 York manufacturer.
(c) Under the
					 aggregate method, the property, receipts, and employees of the partnership are
					 deemed to be that of the corporate partner. As such, the rules of contract
					 manufacturing do not apply to any partnership/corporate partner agreement
					 regarding manufacturing.
(d) In
					 determining whether a corporation that is a partner in a partnership filing
					 under the entity method is a qualified New York manufacturer, the corporation
					 does not consider any of the partnership's property or employees in that
					 determination. In addition, it would not include any of the partnership's
					 receipts in the numerator of the fraction used in the computation of the
					 principally engaged test.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-2 - CORPORATE PARTNERS › Section 9-2.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 210(3))
(a) A corporation that is a partner in a
					 partnership must compute its tax with respect to its interest in such
					 partnership under the aggregate method or entity method, whichever
					 applies.
(b) Under the aggregate
					 method, a corporate partner is viewed as having an undivided interest in the
					 partnership's assets, liabilities and items of receipts, income, gain, loss,
					 and deduction. Under the aggregate method, the partner is treated as
					 participating in the partnership's transactions and activities.
(c) Under the entity method, a partnership is
					 treated as a separate entity and a corporate partner is treated as owning an
					 interest in the partnership entity. The partner's interest in the partnership
					 is an intangible asset.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-2 - CORPORATE PARTNERS › Section 9-2.2 - Determination of applicable methodology

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A corporation must use the aggregate
					 method in determining its tax with respect to its interest in a partnership if
					 the corporation has access to the information necessary to compute its tax
					 using such method. A corporation is presumed to have access to the information
					 if any one of the following is met:
(1) it is
					 conducting a unitary business with the partnership;
(2) it is a general partner of the
					 partnership or is a managing member of a limited liability company that is
					 treated as a partnership for Federal income tax purposes;
(3) it has a 5% or more interest in the
					 partnership determined in the manner provided in section
					 1-2.3(e)(1)  of
					 this Subchapter;
(4) it has
					 reported information from the partnership in a prior taxable year using the
					 aggregate method;
(5) its
					 partnership interest constitutes more than 50% of its total assets;
(6) its basis in its interest in the
					 partnership pursuant to IRC section 705 and
					 26 CFR
					 1.705-1 on the last day of the partnership
					 year that ends within or with the corporation's taxable year is more than
					 $5,000,000;
(7) any member of its
					 affiliated group or New York combined group has the information necessary to
					 perform such computation; or
(8) it
					 is claiming a tax credit based upon the activities of the partnership or
					 claiming a tax credit computed at the partnership level that flows through from
					 the partnership to the corporation.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-2 - CORPORATE PARTNERS › Section 9-2.4 - Computation of tax under the entity method

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Under the entity method, for purposes of
					 determining the taxes measured by the business income base, capital base, and
					 the fixed dollar minimum, a corporate partner is treated as owning an interest
					 in the partnership entity. The partner's interest in the partnership is an
					 intangible asset that is business capital.
(b) Business income base.
(1) To the extent a corporation's entire net
					 income (ENI) includes its distributive share of partnership items of income,
					 gain, loss and deduction, such items will be treated as business income. The
					 corporation's distributive share of such partnership items must be apportioned
					 as provided in subdivision (e) of this section and included in the
					 corporation's apportioned business income.
(2) While a corporation may have the
					 information concerning one or more of the modifications set forth in section
					 208(9), such as state bond interest, a corporation using the entity method does
					 not have all the information necessary to properly compute its article 9-A tax
					 using the aggregate method. Therefore, no modifications should be made with
					 respect to any partnership items.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-2 - CORPORATE PARTNERS › Section 9-2.5 - Treatment of gain or loss from the sale of a partnership interest

Current through Register Vol. 46, No. 28, July 10, 2024
Where a corporation is a partner in a partnership, any
						gain or loss that is recognized from the sale of the corporation's interest in
						such partnership and included in entire net income is business income or
						loss.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-3 - NEW YORK S CORPORATIONS › Section 9-3.1 - Apportionment rules for New York S corporations

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 210-A)
A New York S corporation determines the amount of
						business receipts included in New York receipts or everywhere receipts using
						the rules in section 210-A and Part 4 of this Subchapter, except as provided in
						this Subpart.
(a) The term" business
					 receipts for a New York S corporation" means all receipts, net income (not less
					 than zero), net gains (not less than zero), and other items described in
					 section 210-A and this Subchapter that are included in the New York S
					 corporation's non-separately computed income and loss or in the New York S
					 corporation's separately stated items of income and loss, determined pursuant
					 to subdivision (a) of IRC section 1366. Business receipts for New York S
					 corporations include amounts that otherwise would have been characterized as
					 investment income from investment capital or other exempt income for New York C
					 corporations.
(b) Because a New
					 York S corporation does not have any investment capital or other exempt income,
					 stock that otherwise would have been investment capital or could generate other
					 exempt income for a New York C corporation as defined in section 208(1-A) may
					 be a qualified financial instrument for a New York S corporation. For purposes
					 of applying the rules in section
					 4-2.4  of this Subchapter, the term
					 qualified financial instrument shall have the same meaning as in section
					 4-2.4, except that the instruments
					 excluded from qualified financial instruments in the case of New York S
					 corporations shall be limited to the following:
(1) loans secured by real property;
(2) loans not secured by real property, if
					 the only loans the taxpayer has marked to market are loans secured by real
					 property; and
(3) partnership
					 interests that do not meet the definition of security in IRC section
					 475(c).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-3 - NEW YORK S CORPORATIONS › Section 9-3.2 - Nonresident and part-year resident shareholders of New York S corporations

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, sections 631, 632)
(a) To determine the amounts derived from New
					 York sources for purposes of article 22, a nonresident shareholder of a New
					 York S corporation multiplies its pro-rata share of the New York S
					 corporation's items of income, gain, loss, and deduction (and any related
					 section 612 modifications) that are included in the nonresident shareholder's
					 New York adjusted gross income by a fraction, the numerator of which is the New
					 York S corporation's New York receipts and the denominator of which is the New
					 York S corporation's everywhere receipts. Such fraction is hereinafter referred
					 to as the apportionment factor.
(b)
					 For part-year resident shareholders, the rule in subdivision (a) applies only
					 to the New York S corporation's items received during the nonresident period of
					 the taxable year (and any related section 612 modifications) that are included
					 in the part-year resident's New York adjusted gross income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-4 - REAL ESTATE INVESTMENT TRUSTS (REITS) AND REGULATED INVESTMENT COMPANIES (RICS) › Section 9-4.1 - General treatment of REITs and RICs

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, sections 209(4), (5) and (7), 210, 210-C,
						1515(f)(4))
(a)
(1) For any taxable year in which a REIT is
					 subject to tax for Federal income tax purposes under IRC section 857, the REIT
					 will be subject to tax under article 9-A unless it is a captive REIT required
					 to be included in a combined report under article 33.
(2) For any taxable year in which a RIC is
					 subject to tax for Federal income tax purposes under IRC section 852, the RIC
					 will be subject to tax under article 9-A, unless it is a captive RIC required
					 to be included in a combined report under article 33.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-4 - REAL ESTATE INVESTMENT TRUSTS (REITS) AND REGULATED INVESTMENT COMPANIES (RICS) › Section 9-4.2 - Computation of income

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 209(5) and (7))
(a)
(1) In
					 the case of a REIT, "Federal taxable income" means real estate investment trust
					 taxable income as defined in IRC section 857(b)(2), as modified by IRC section
					 858 and, where applicable, by IRC section 965(m)(1)(B).
(2) If a REIT is subject to IRC section
					 965(m) and makes the election provided for by IRC section 965(m)(1)(B), the
					 amount of any deduction allowed pursuant to IRC section 965(c) will be
					 determined with reference to IRC section 965(m)(2)(B)(i), for purposes of the
					 adjustments required by sections 208(9)(b)(23) and 1503(b)(2)(W).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-4 - REAL ESTATE INVESTMENT TRUSTS (REITS) AND REGULATED INVESTMENT COMPANIES (RICS) › Section 9-4.3 - Qualified financial instrument apportionment rules for non-captive REITs and non-captive RICs

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 210-A)
When computing the business apportionment factor,
						non-captive REITs and non-captive RICs must use the following rules regarding
						qualified financial instruments in lieu of the rules specified in section
						4-2.4  of this Subchapter.
(a) For purposes of this section, a
					 "qualified financial instrument" means a financial instrument, other than a
					 financial instrument listed in subdivision (b) of this section, that is of a
					 type described in one of the following clauses of section 210-A(5)(a)(2):
					 clause (A)-loans; clause (B)-state, and municipal debt; clause (C)-asset backed
					 securities and other government agency debt; clause (D)-corporate bonds; clause
					 (G)-dividends and net gains from sales of stock or partnership interests;
					 clause (H)-other financial instruments; clause (I)-commodities.
(b) The following financial instruments are
					 not qualified financial instruments, even if they are of a type described in
					 subdivision (a) of this section:
(1) a loan
					 secured by real property;
(2) a
					 financial instrument that is investment capital; and
(3) stock that generates other exempt
					 income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-5 - DOMESTIC INTERNATIONAL SALES CORPORATIONS (DISCs) › Section 9-5.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, sections 208(1) and (9)(i), 209(6))
(a) For purposes of article 9-A, a DISC is
					 either a "tax exempt DISC" or a "taxable DISC". For any taxable year during
					 which a corporation does not meet the requirements for treatment as a DISC, it
					 will be treated in the same manner as any other taxpayer subject to tax under
					 article 9-A.
(b) The term "former
					 DISC" refers, with respect to any taxable year, to a corporation that is not a
					 DISC during such year, but was (or was treated as) a DISC for a prior taxable
					 year. However, a corporation will not be considered a former DISC for a taxable
					 year unless such corporation has, at the beginning of such taxable year,
					 undistributed previously taxed income or accumulated DISC income.
(c) To determine if a taxpayer that is a
					 stockholder of a taxable DISC may be included in a combined report with the
					 taxable DISC, see Subpart 6-2 of this Subchapter. Provided, in the case of a
					 combined report, intercorporate dividends from a taxable DISC or a taxable
					 former DISC are treated as business income and shall not be
					 eliminated.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-5 - DOMESTIC INTERNATIONAL SALES CORPORATIONS (DISCs) › Section 9-5.2 - Corporate stockholders of tax exempt DISC

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 208(9)(i))
(a) A taxpayer that is subject to tax under
					 article 9-A and is a stockholder of a tax exempt DISC must do the following on
					 its report required to be filed under article 9-A:
(1) adjust its receipts, expenses, assets and
					 liabilities to include its attributable share of the DISC's receipts, expenses,
					 assets and liabilities;
(2)
					 eliminate any deemed or actual distributions received from the DISC to the
					 extent already included in entire net income; and
(3) eliminate intercorporate transactions
					 between the stockholder and the tax exempt DISC.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-5 - DOMESTIC INTERNATIONAL SALES CORPORATIONS (DISCs) › Section 9-5.3 - Corporate stockholders' treatment of distribution and capital of a DISC

Current through Register Vol. 46, No. 28, July 10, 2024
(Tax Law, section 208(8-A))
(a) Since a DISC is not subject to tax on its
					 earnings and profits, no deduction is allowed for the dividends distributed to
					 a corporation owning stock of a DISC.
(b) Deemed distributions from a DISC or a
					 former DISC that are taxable as dividends pursuant to IRC section 995(b) must
					 be treated as business income.
(c)
					 Actual distributions from a DISC or a former DISC must be treated as business
					 income, unless such distributions meet the requirements of subdivision (d) of
					 this section.
(d) Actual
					 distributions from a DISC or a former DISC will be treated as investment income
					 if:
(1) such distributions are treated as
					 being made out of "other earnings and profits" for Federal income tax purposes
					 under IRC section 996; and
(2) the
					 stock of the DISC meets the definition of investment capital.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter A - Business Corporation Franchise Tax › Part 9 - SPECIAL ENTITIES › Subpart 9-5 - DOMESTIC INTERNATIONAL SALES CORPORATIONS (DISCs) › Section 9-5.4 - Rules for treatment of earnings and profits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The earnings and profits of a DISC or of
					 a former DISC are deemed to be divided into the following three categories:
(1) accumulated DISC income, which includes
					 the earnings and profits of the corporation that have been deferred from
					 taxation, as defined in 26
					 CFR 1.996-3(b);
(2) previously taxed income, which includes
					 the earnings and profits of the DISC that have been previously taxed by reason
					 of having been deemed distributed, as defined in
					 26 CFR
					 1.996-3 ( c); and
(3) other earnings and profits, which
					 includes the earnings and profits of the DISC that were derived by the
					 corporation in taxable years when it was not qualified as a DISC, as defined in
					 26 CFR
					 1.996-3 ( d).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-1 - [Repealed] › Section 16-1.1

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-1 - [Repealed] › Section 16-1.2

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.1

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.2

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.3

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.4

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.5

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.6

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.7

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.8

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.9

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.10

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.11

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.12

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.13

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.14

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.15

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.16

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.17

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.18

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.19

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.20

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.21

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.22

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.23

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-2 - [Repealed] › Section 16-2.24

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.1

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.2

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.3

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.4

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.5

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 16 - [Repealed] › Subpart 16-3 - [Repealed] › Section 16-3.6

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-1 - [Repealed] › Section 17-1.1

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-1 - [Repealed] › Section 17-1.2

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-1 - [Repealed] › Section 17-1.3

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-1 - [Repealed] › Section 17-1.4

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-1 - [Repealed] › Section 17-1.5

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-2 - [Repealed] › Section 17-2.1

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter I - Franchise and Certain Business Taxes › Subchapter B - Franchise Tax On Banking Corporations › Part 17 - [Repealed] › Subpart 17-2 - [Repealed] › Section 17-2.2

Current through Register Vol. 46, No. 28, July 10, 2024