§ 105. Unincorporated business gross income. (a)\nGeneral.--Unincorporated business gross income of an unincorporated\nbusiness means the sum of the items of income and gain of the business,\nof whatever kind and in whatever form paid, includible in gross income\nfor the taxable year for federal income tax purposes, including income\nand gain from any property employed in the business, or from liquidation\nof the business, or from collection of installment obligations of the\nbusiness, with the modifications specified in this section.\n (b) Modifications increasing federal gross income.--There shall be\nadded to federal gross income of the business the following items\nattributable to the business:\n (1) Interest income on obligations of any state other than this state,\nor of a political subdivision of any such other state unless created by\ncompact or agreement to which this state is a party; and\n (2) Interest or dividend income on obligations or securities of any\nauthority, commission, or instrumentality of the United States, which\nthe laws of the United States exempt from federal income tax but not\nfrom state or local income taxes.\n (3) In the case of a taxpayer who has exercised the election permitted\nby subdivision (b) of section one hundred eight, if the property to\nwhich such election relates was sold or otherwise disposed of during the\ntaxable year, the amount required by said subdivision to be added to\nfederal gross income.\n (4) The entire amount allowable as an exclusion or deduction for stock\ntransfer taxes imposed by article twelve of the tax law in determining\nfederal gross income but only to the extent that such taxes are incurred\nand paid in market making transactions.\n (5) the amount allowed as an exclusion or deduction for sales and use\ntaxes imposed by section eleven hundred seven of the tax law in\ndetermining federal gross income but only such portion of such exclusion\nor deduction which is not in excess of the amount of the credit allowed\npursuant to subdivision (d) of section one hundred one of this title.\n (6) The amount allowed as an exclusion or deduction in determining\nfederal gross income and also allowed for the taxable year under this\nsection but only such portion of such exclusion or deduction which is\nnot in excess of the amount of the credit allowed pursuant to\nsubdivision (e) of section one hundred one of this title.\n (7) The amount allowed as an exclusion or deduction as rent in\ndetermining federal gross income but only such portion of such exclusion\nor deduction which is not in excess of the amount of the credit allowed\npursuant to subdivision (f) of section one hundred one of this title.\n (8) The amount allowed as an exclusion or deduction for sales and use\ntaxes imposed by section eleven hundred seven of the tax law in\ndetermining federal gross income but only such portion of such exclusion\nor deduction which is not in excess of the amount of the credit allowed\npursuant to subdivisions (g) and (h) of section one hundred one of this\ntitle.\n (9) For taxable years beginning after December thirty-first, nineteen\nhundred eighty-one, except with respect to property which is a qualified\nmass commuting vehicle described in subparagraph (D) of paragraph eight\nof subsection (f) of section one hundred sixty-eight of the internal\nrevenue code (relating to qualified mass commuting vehicles), any amount\nwhich would properly be includible for federal income tax purposes had\nthe taxpayer not made the election permitted pursuant to such paragraph\neight as it was in effect for agreements entered into prior to January\nfirst, nineteen hundred eighty-four.\n 10. Upon the disposition of recovery property to which subdivision\nthirteen of section one hundred six applies, the amount, of any, by\nwhich the aggregate of the amounts described in such subdivision\nthirteen attributable to such property exceeds the aggregate of the\namounts described in subdivision t
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.