20 CRR-NY 3-4.4NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 20. DEPARTMENT OF TAXATION AND FINANCE
CHAPTER I. FRANCHISE AND CERTAIN BUSINESS TAXES
SUBCHAPTER A. BUSINESS CORPORATION FRANCHISE TAX
PART 3. METHODS OF COMPUTING TAX
SUBPART 3-4. TAX MEASURED BY THE MINIMUM TAXABLE INCOME BASE
20 CRR-NY 3-4.4
20 CRR-NY 3-4.4
3-4.4 Adjusting minimum taxable income to period covered by report.
Tax Law, ยง 208(8-B)(e)
(a) If the minimum taxable income required to be reported under article 9-A of the Tax Law is for a period different from the period covered by the taxpayer's Federal income tax return, the taxpayer's minimum taxable income must be prorated to correspond with the period covered by the report under article 9-A of the Tax Law. The prorated minimum taxable income is computed as follows:
(1) divide minimum taxable income, as determined in section 3-4.2 of this Subpart, by the number of calendar months, or major parts thereof, covered by the return for Federal income tax purposes; and
(2) multiply the result by the number of calendar months, or major parts thereof, covered by the report under article 9-A of the Tax Law.
(b) The method of computing minimum taxable income set forth in subdivision (a) of this section applies to taxpayers reporting on either a calendar year or a fiscal year basis for Federal income tax purposes.
(c) If in the opinion of the Commissioner, the method described in this section does not properly reflect the taxpayer's minimum taxable income for purposes of article 9-A of the Tax Law during the period covered by its report, the Commissioner may determine minimum taxable income solely on the basis of the taxpayer's income during such period.
20 CRR-NY 3-4.4
Current through February 28, 2023
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.