N.Y. General City Model 772/66 § 109: Unincorporated business exemptions

§ 109. Unincorporated business exemptions. In computing unincorporated

business taxable income, there shall be allowed (without allocation

under section one hundred seven):

(1) an unincorporated business exemption of five thousand dollars,

prorated for taxable years of less than twelve months under regulations

of the director of finance;

(2) if a partner in an unincorporated business is taxable under this

title or under any local law imposed pursuant to section one of the act

authorizing the adoption of this title, an exemption for the amount of

the partner's proportionate interest in the excess of the unincorporated

business gross income over the deductions allowed under sections one

hundred six and one hundred eight, but this exemption shall be limited

to the amount which is included in the partner's unincorporated business

taxable income allocable to the city, or included in a corporate

partner's net income allocable to the city.