New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 4 - New York State Income Tax Returns and Payment of Income Tax › Part 154 - Change Of Resident Status During Year › New York Taxable Income, New York Personal Service Taxable Income and New York State Minimum Taxable Income › Section 154.9 - Income or loss from business or profession

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Net income or loss from business or
						profession of an individual. Where the Federal income tax return of an
						individual for a taxable year, in which a change of resident status occurs,
						includes net income or net loss from the operation of a business or profession,
						a separate computation of the business net income or net loss must be made with
						respect to each period for which a New York State personal income tax return is
						required under this Part. If it is not practicable to compute separate amounts
						of business net income or net loss attributable to the New York State personal
						income tax returns, the amount reportable on the Federal income tax return for
						the entire year may be allocated to the period prior to and the period
						subsequent to the change of residence on the basis of the Federal gross income
						or gross receipts of the business or profession attributable to each period,
						provided that the results of such allocation are consistent with the business
						or professional activities actually carried on during the taxable year. The
						amount computed in accordance with this subdivision is subject to the
						provisions of section
						154.10  of this
						Part regarding special accruals, to the extent such accruals relate to the
						conduct of the business or profession.
(b) Gross profit (loss) and related business
						expenses from trade or business of a trust. Where the Federal fiduciary return
						of a trust for a taxable year in which a change of resident status occurs
						includes gross profit, gross receipts or gross loss and related business
						expenses from the operation of a trade or business, a separate computation of
						the business gross profit or gross loss and related business expenses must be
						made with respect to each period for which a New York State fiduciary return is
						required under this Part. The gross profit (loss) from a trade or business and
						related business expenses reportable on the New York State fiduciary return for
						the portion of the year during which the trust was a resident trust is
						determined, except for the special accruals required by section
						154.10  of this
						Part, as if its taxable year for Federal income tax purposes were limited to
						the period of its resident status. The gross profit (loss) from a trade or
						business and related business expenses reportable on the New York State
						fiduciary return for the remaining portion of its taxable year during which the
						trust was a nonresident trust is determined, except for the provisions of
						sections
						154.10 and
						154.11 
						of this Part, as if its taxable year for Federal income tax purposes were
						limited to the period of its nonresident status. However, the amounts of gross
						profit (loss) from a trade or business and related business expenses reportable
						on the New York State fiduciary return for the portion of the year during which
						the trust was a nonresident trust must include only that portion of the amount
						of such items which is attributable to a trade or business carried on in New
						York State by the trust.