N.Y. General City Model 772/66 § 105: Unincorporated business gross income

§ 105. Unincorporated business gross income. (a)

General.--Unincorporated business gross income of an unincorporated

business means the sum of the items of income and gain of the business,

of whatever kind and in whatever form paid, includible in gross income

for the taxable year for federal income tax purposes, including income

and gain from any property employed in the business, or from liquidation

of the business, or from collection of installment obligations of the

business, with the modifications specified in this section.

(b) Modifications increasing federal gross income.--There shall be

added to federal gross income of the business the following items

attributable to the business:

(1) Interest income on obligations of any state other than this state,

or of a political subdivision of any such other state unless created by

compact or agreement to which this state is a party; and

(2) Interest or dividend income on obligations or securities of any

authority, commission, or instrumentality of the United States, which

the laws of the United States exempt from federal income tax but not

from state or local income taxes.

(3) In the case of a taxpayer who has exercised the election permitted

by subdivision (b) of section one hundred eight, if the property to

which such election relates was sold or otherwise disposed of during the

taxable year, the amount required by said subdivision to be added to

federal gross income.

(4) The entire amount allowable as an exclusion or deduction for stock

transfer taxes imposed by article twelve of the tax law in determining

federal gross income but only to the extent that such taxes are incurred

and paid in market making transactions.

(5) the amount allowed as an exclusion or deduction for sales and use

taxes imposed by section eleven hundred seven of the tax law in

determining federal gross income but only such portion of such exclusion

or deduction which is not in excess of the amount of the credit allowed

pursuant to subdivision (d) of section one hundred one of this title.

(6) The amount allowed as an exclusion or deduction in determining

federal gross income and also allowed for the taxable year under this

section but only such portion of such exclusion or deduction which is

not in excess of the amount of the credit allowed pursuant to

subdivision (e) of section one hundred one of this title.

(7) The amount allowed as an exclusion or deduction as rent in

determining federal gross income but only such portion of such exclusion

or deduction which is not in excess of the amount of the credit allowed

pursuant to subdivision (f) of section one hundred one of this title.

(8) The amount allowed as an exclusion or deduction for sales and use

taxes imposed by section eleven hundred seven of the tax law in

determining federal gross income but only such portion of such exclusion

or deduction which is not in excess of the amount of the credit allowed

pursuant to subdivisions (g) and (h) of section one hundred one of this

title.

(9) For taxable years beginning after December thirty-first, nineteen

hundred eighty-one, except with respect to property which is a qualified

mass commuting vehicle described in subparagraph (D) of paragraph eight

of subsection (f) of section one hundred sixty-eight of the internal

revenue code (relating to qualified mass commuting vehicles), any amount

which would properly be includible for federal income tax purposes had

the taxpayer not made the election permitted pursuant to such paragraph

eight as it was in effect for agreements entered into prior to January

first, nineteen hundred eighty-four.

10. Upon the disposition of recovery property to which subdivision

thirteen of section one hundred six applies, the amount, of any, by

which the aggregate of the amounts described in such subdivision

thirteen attributable to such property exceeds the aggregate of the

amounts described in subdivision twelve of section one hundred six

attributable to such property.

(c) Modifications reducing federal gross income.--There shall be

subtracted from federal gross income of the business the following items

attributable to the business:

(1) Interest income on obligations of the United States and its

possessions to the extent includible in gross income for federal income

tax purposes;

(2) Interest or dividend income on obligations or securities of any

authority, commission or instrumentality of the United States to the

extent includible in gross income for federal income tax purposes but

exempt from state or local income taxes under the laws of the United

States;

(3) Interest or dividend income on obligations or securities to the

extent exempt from income tax under the laws of the city or this state

authorizing the issuance of such obligations or securities but

includible in gross income for federal income tax purposes; and

(4) The amount of any refund or credit for overpayment of income taxes

imposed by the city, this state or any other taxing jurisdiction, to the

extent properly included in gross income for federal income tax

purposes.

(5) With respect to gain derived from the sale or other disposition of

any property acquired prior to January first, nineteen hundred

sixty-six, except property described in subsections one and four of

section twelve hundred twenty-one of the internal revenue code, the

difference between

(a) the amount of gain included in federal gross income with respect

to each such property, and

(b) the amount of gain (if smaller than the amount described in (a))

that would be included in federal gross income with respect to each such

property if the federal adjusted basis of such property on the date of

the sale or other disposition had been equal to its fair market value on

January first, nineteen hundred sixty-six, or the date of its sale or

other disposition prior to January first, nineteen hundred sixty-six,

plus or minus all adjustments to basis made with respect to such

property for federal income tax purposes for periods on and after

January first, nineteen hundred sixty-six; provided, however, that the

total modification provided by this subparagraph shall not exceed the

taxpayer's net gain from the sale or other disposition of all such

property.

(6) For taxable years beginning after December thirty-first, nineteen

hundred eighty-one, except with respect to property which is a qualified

mass commuting vehicle described in subparagraph (D) of paragraph eight

of subsection (f) of section one hundred sixty-eight of the internal

revenue code (relating to qualified mass commuting vehicles), any amount

properly includible in federal gross income solely as a result of an

election made pursuant to the provisions of such paragraph eight as it

was in effect for agreements entered into prior to January first,

nineteen hundred eighty-four.

(7) Upon the disposition of recovery property to which subdivision

thirteen of section one hundred six applies, the amount, if any, by

which the aggregate of the amounts described in subdivision twelve of

section one hundred six attributable to such property exceeds the

aggregate of the amounts described in subdivision thirteen of section

one hundred six attributable to such property.

(d) Upon the disposition of property to which subdivisions 14 and 15

of section 106 of this chapter apply, the amount of any gain or loss

includible in entire net income shall be adjusted to reflect the

modifications provided in such subdivisions attributable to such

property.