§ 19 — Computation of net income

New York § 19

• Jurisdiction: New York
• Law GCM: General City Model 772/66
• Part 3: Financial Corporation Tax
• Subpart 1: Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations

Text

§ 19. Computation of net income. The net income shall be computed in\naccordance with the method of accounting regularly employed in keeping\nthe books of such taxpayer; but if no such method of accounting has been\nso employed, or if the method employed does not clearly reflect the\nincome, the computation shall be made upon such basis and in such manner\nas in the opinion of the director of finance does clearly reflect the\nincome. In determining net income, war losses, taxation of property\nrecovered, and basis of property shall be treated in substantially the\nsame manner as such losses, recoveries and basis are treated under the\napplicable provisions of section thirteen hundred thirty-one of the\ninternal revenue code.\n