§ 867 — Definitions

New York § 867

• Jurisdiction: New York
• Law TAX: Tax
• Art. 24-B: City Pass-through Entity Tax

Text

§ 867. Definitions. For purposes of this article:\n (a) City pass-through entity tax. City pass-through entity tax means\nthe total tax imposed by this article on an electing city partnership or\nan electing city resident S corporation.\n (b) City pass-through entity taxable income. City pass-through entity\ntaxable income means:\n (1) In the case of an electing city partnership, the sum of (i) all\nitems of income, gain, loss, or deduction to the extent they are\nincluded in the city taxable income of a partner or member of the\nelecting city partnership who is a city taxpayer; and (ii) all\npass-through entity taxes including taxes paid under article\ntwenty-four-A of this chapter to New York, taxes paid under this article\nto the city of New York, and taxes paid to other jurisdictions that are\nsubstantially similar to taxes paid under article twenty-four-A of this\nchapter, to the extent that, for federal income tax purposes, the taxes\nwere paid and deducted in the taxable year, and they are included in the\ntaxable income of the partners subject to tax under article twenty-two\nof this chapter for the taxable year.\n (2) In the case of an electing city resident S corporation, the sum of\n(i) all items of income, gain, loss, or deduction to the extent they\nwould be included in the city taxable income of a shareholder of the\nelecting city resident S corporation who is a city taxpayer; and (ii)\nall pass-through entity taxes including taxes paid under article\ntwenty-four-A of this chapter to New York, taxes paid under this article\nto the city of New York, and taxes paid to other jurisdictions that are\nsubstantially similar to taxes paid under article twenty-four-A of this\nchapter, to the extent that, for federal income tax purposes, the taxes\nwere paid and deducted in the taxable year, and they are included in the\ntaxable income of the shareholders subject to tax under article\ntwenty-two of this chapter for the taxable year.\n (c) City resident individual. City resident individual has the same\nmeaning as that term is defined in subsection (a) of section thirteen\nhundred five of this chapter.\n (d) City taxable income. City taxable income has the same meaning as\nthat term is defined in section thirteen hundred three of this chapter.\n (e) City taxpayer. A city taxpayer means:\n (1) a city resident individual, as defined in subsection (a) of\nsection thirteen hundred five of this chapter; and\n (2) a city resident trust or estate, as defined in subsection (c) of\nsection thirteen hundred five of this chapter.\n (f) Direct share of city pass-through entity tax. Direct share of city\npass-through entity tax means the portion of city pass-through entity\ntax calculated on city pass-through entity taxable income of a city\ntaxpayer who is a partner or member of the electing city partnership or\na city taxpayer who is a shareholder of the electing city resident S\ncorporation.\n (g) Electing city partnership. Electing city partnership means any\neligible partnership that made a valid, timely election pursuant to\nsection eight hundred sixty-eight of this article.\n (h) Electing city resident S corporation. Electing city resident S\ncorporation means any eligible resident S corporation that made a valid,\ntimely election pursuant to section eight hundred sixty-eight of this\narticle.\n (i) Eligible city partnership. Eligible city partnership means any\npartnership as provided for in section 7701(a)(2) of the Internal\nRevenue Code that has a filing requirement under paragraph one of\nsubsection (c) of section six hundred fifty-eight of this chapter other\nthan a publicly traded partnership as defined in section 7704 of the\nInternal Revenue Code, where at least one partner or member is a city\ntaxpayer. An eligible city partnership includes any entity, including a\nlimited liability company, treated as a partnership for federal income\ntax purposes that otherwise meets the requirements of this subsection.\n (j) Eligible city resident S corporation. Eligible city resident S\ncorporation means any New York S corporation as defined pursuant to\nsubdivision one-A of section two hundred eight of this chapter that is\nsubject to tax under section two hundred nine of this chapter that has\nonly city taxpayer shareholders. An eligible city resident S corporation\nincludes any entity, including a limited liability company, treated as\nan S corporation for federal income tax purposes that otherwise meets\nthe requirements of this subsection.\n (k) Taxable year. An electing city partnership's or electing city\nresident S corporation's taxable year pursuant to this article shall be\nthe same as the electing city partnership's or electing city resident S\ncorporation's taxable year for federal income tax purposes.\n