20 CRR-NY 18-2.3NY-CRR
20 CRR-NY 18-2.3
20 CRR-NY 18-2.3
18-2.3 Adjustments - items to be added to Federal taxable income.
Tax Law, ยง 1453
(a) In computing entire net income, Federal taxable income must be adjusted by adding to it:
(1)
(i) in the case of a corporation organized under the laws of a country other than the United States:
(a) any part of any income from dividends (including any part of any dividend for which a deduction has been allowed for Federal income tax purposes) or interest on any kind of stock, securities or indebtedness which has been excluded from Federal taxable income (such as interest income on certain obligations of the United States and its instrumentalities), but only if such income is treated as effectively connected with the conduct of a trade or business in the United States pursuant to section 864 of the Internal Revenue Code;
(b) any income exempt from Federal taxable income under any treaty obligation of the United States, but only if such income would be treated as effectively connected in the absence of such exemption, provided that such treaty obligation does not preclude the taxation of such income by a state; or
(c) any income which would be treated as effectively connected if such income were not excluded from gross income pursuant to section 103(a) of the Internal Revenue Code; or
(ii) in the case of any other corporation, any part of any income from dividends (including any part of any dividend for which a deduction has been allowed for Federal income tax purposes) or interest on any kind of stock, securities or indebtedness which has been excluded from Federal taxable income (such as interest income on state and municipal bonds and certain obligations of the United States and its instrumentalities);
(2) taxes on or measured by income or profits paid or accrued within the taxable year to the United States, or any of its possessions, or to any foreign country for which a deduction has been allowed for Federal income tax purposes;
(3) any net operating loss deduction for the taxable year allowable for Federal income tax purposes;
(4) taxes imposed under articles 13-A and 32 of the Tax Law which were deducted in computing Federal taxable income;
(5) the amount of the special additional mortgage recording tax imposed by subdivision 1-a of section 253 of the Tax Law allowed as an exclusion or deduction in determining Federal taxable income, but only that portion of such exclusion or deduction which is allowable as a credit pursuant to Subpart 20-3 of this Title;
(6) if the credit allowed pursuant to Subpart 20-3 of this Title is added to the basis used in the computation of the gain, for Federal income tax purposes, from the sale or other disposition of the property with respect to which the special additional mortgage recording tax imposed by subdivision 1-a of section 253 of the Tax Law was paid, the portion of any gain from the sale or other disposition of such property which is not in excess of the amount of such credit so added;
(7) any amount which the taxpayer claimed as a deduction in computing its Federal taxable income solely as a result of an election made pursuant to section 168(f)(8) of the Internal Revenue Code as it was in effect for safe harbor lease agreements entered into prior to January 1, 1984, except with respect to property which is a qualified mass commuting vehicle described in such section;
(8) any amount which the taxpayer would have been required to include in the computation of its Federal taxable income had it not made the election permitted pursuant to section 168(f)(8) of the Internal Revenue Code as it was in effect for safe harbor lease agreements entered into prior to January 1, 1984, except with respect to property which is a qualified mass commuting vehicle described in such section;
(9) the amount allowable as the accelerated cost recovery system deduction pursuant to section 168 of the Internal Revenue Code, except with respect to:
(i) recovery property subject to the provisions of section 280F of the Internal Revenue Code (regarding luxury automobiles and certain property used for personal purposes); and
(ii) recovery property placed in service in New York State in taxable years beginning after December 31, 1984;
(10) upon the disposition of recovery property to which paragraph (b)(7) of section 18-2.4 of this Subpart applies, the amount, if any, by which the aggregate of the deductions for depreciation attributable to such property deducted in computing entire net income pursuant to such paragraph (b)(7) exceeds the aggregate accelerated cost recovery system deduction attributable to such property, described in paragraph (9) of this subdivision;
(11) any capital loss carry-forward allowed as a deduction in computing Federal taxable income under section 1212 of the Internal Revenue Code which was deductible as a loss under article 9-B or 9-C of the Tax Law; and
(12) any other amount allowed as a deduction for Federal income tax purposes which was allowable as a deduction in computing net income under article 9-B or 9-C of the Tax Law.
20 CRR-NY 18-2.3
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.