N.Y. General City Model 772/66 § 101-a: Taxable years to which tax applies; tax for taxable years beginning prior to and ending after January first, nineteen hundred sixty-six

§ 101-a. Taxable years to which tax applies; tax for taxable years

beginning prior to and ending after January first, nineteen hundred

sixty-six. (a) General.--The tax imposed by section one hundred one,

with any modification permitted by subdivision (b) of this section, is

imposed for each taxable year beginning with taxable years ending on or

after January first, nineteen hundred sixty-six.

(b) Alternate methods for determining tax for taxable years ending on

or after January first, nineteen hundred sixty-six.--(1) The tax for any

taxable year ending on or after January first, nineteen hundred

sixty-six and before December thirty-first, nineteen hundred sixty-six,

shall be an amount equal to the tax which would have been imposed had

section one hundred one been in effect for the entire taxable year,

multiplied by the number of months (or major portions thereof) in such

taxable year which occur after December thirty-first, nineteen hundred

sixty-five and divided by the number of months (or major portions

thereof) in such taxable year.

(2) In lieu of the method of computation of tax prescribed in

paragraph one, if the taxpayer maintained adequate records for the

portion of any taxable year ending on or after January first, nineteen

hundred sixty-six, and before December thirty-first, nineteen hundred

sixty-six, which falls within the calendar year nineteen hundred

sixty-six, the tax for such taxable year at the election of the taxpayer

may be computed on the basis of the unincorporated business taxable

income which the taxpayer would have reported had he filed a federal

income tax return for a taxable year beginning January first, nineteen

hundred sixty-six and ending with the close of such taxable year ending

before December thirty-first, nineteen hundred sixty-six. Such taxable

year beginning January first, nineteen hundred sixty-six and ending

before December thirty-first, nineteen hundred sixty-six, shall be

deemed (unless clearly indicated otherwise) to be the taxable year of

the taxpayer. For purposes of this paragraph two, the unincorporated

business exemptions allowable under section one hundred nine, the credit

allowable under subdivision (b) of section one hundred one and any net

operating loss deduction as modified pursuant to subdivision two of

section one hundred six shall each be reduced by the same part of such

exemptions, credit, or net operating loss deduction (as the case may be)

as the number of months (or major portions thereof) in the taxable year

occurring before January first, nineteen hundred sixty-six is of the

number of months (or major portions thereof) in such taxable year.

Except as provided in this paragraph two, the tax for such period ending

before December thirty-first, nineteen hundred sixty-six, shall be

computed in accordance with the other provisions of this title.