N.Y. General City Model 772/66 § 28: Gross income defined

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

profit 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 such an association 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.