N.Y. General City Model 772/66 § 20: Gross income defined

§ 20. Gross income defined. 1. The term "gross income" includes gains,

profits and income derived from the business, of whatever kind and in

whatever form paid, including gains, profits or income from dealings in

property, whether real or personal, or gains, profits or income received

as compensation for services, as interest, rents, commissions, brokerage

or other fees, or otherwise in carrying on such business, including all

dividends received on stocks and all interest received from federal,

state, municipal or other bonds.

2. If the gross income of a taxpayer is derived from business carried

on both within and without the city, "gross income" means that

proportion thereof which is derived from business carried on within the

city, to be allocated and determined on the basis of separate accounting

for each office or branch or, at the election of the taxpayer, under

rules and regulations prescribed by the director of finance.

3. "Gross income" of a savings bank shall include the amount received

by it in any taxable year as a distribution in liquidation of the mutual

savings bank fund.