20 CRR-NY 18-5.7NY-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 B. FRANCHISE TAX ON BANKING CORPORATIONS
PART 18. COMPUTATION OF TAX
SUBPART 18-5. ALTERNATIVE MINIMUM TAX MEASURED BY TAXABLE ASSETS
20 CRR-NY 18-5.7
20 CRR-NY 18-5.7
18-5.7 Adjusting taxable assets to period covered by return.
(a) If the period covered by the taxpayer's return is other than 12 calendar months, the taxpayer's taxable assets must be prorated to correspond with the period covered by the return under article 32 of the Tax Law. The prorated taxable assets are determined as follows:
(1) compute taxable assets in the manner set forth in section 18-5.2 of this Subpart;
(2) divide taxable assets by 12; and
(3) multiply the result by the number of calendar months, or major parts thereof, covered by the return under article 32 of the Tax Law.
(b) The method of computing taxable assets for a short period, as set forth in this section, applies to taxpayers reporting on either a calendar-year or fiscal-year basis for Federal income tax purposes.
(c) If, in the opinion of the Tax Commission, the method described in this section does not properly reflect the taxpayer's taxable assets for purposes of article 32 of the Tax Law during the period covered by its return, the Tax Commission may determine taxable assets solely on the basis of the taxpayer's assets during such period.
20 CRR-NY 18-5.7
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.