N.Y. Tax Law § 633: New York source income of a nonresident estate or trust

§ 633. New York source income of a nonresident estate or trust. (a)

General. The New York source income of a nonresident estate or trust

shall be the sum of the following:

(1) The net amount of items of income, gain, loss and deduction

entering into federal adjusted gross income, as determined under

paragraph four of subsection (e) of section six hundred one, derived

from or connected with New York sources. Such determination of source

shall be made in accordance with the applicable rules of section six

hundred thirty-one as in the case of a nonresident individual.

(2) The portion of the modifications described in section six hundred

eighteen which relate to income derived from New York sources other than

that portion of the modification provided in subsection three thereof

which relates to section six hundred fifteen.

(b) Special New York source rules. Deductions with respect to capital

losses, passive activity losses and net operating losses shall be based

solely on income, gains, losses and deductions derived from or connected

with New York sources, under regulations of the tax commission, but

otherwise determined in the same manner as the corresponding federal

deductions.