§ 5. Accounting periods and methods.--(a) Accounting periods.--A\ntaxpayer's taxable year under this local law shall be the same as his\ntaxable year for federal income tax purposes.\n (b) Change of accounting periods.--If a taxpayer's taxable year is\nchanged for federal income tax purposes, his taxable year for purposes\nof this local law shall be similarly changed. If a taxable year of less\nthan twelve months results from a change of taxable year, the city\nstandard deduction, and the city personal exemptions shall be prorated\nunder regulations of the administrator.\n (c) Accounting methods.--A taxpayer's method of accounting under this\nlocal law shall be the same as his method of accounting for federal\nincome tax purposes. In the absence of any method of accounting for\nfederal income tax purposes, city taxable income shall be computed under\nsuch method as in the opinion of the administrator clearly reflects\nincome.\n (d) Change of accounting methods.--(1) If a taxpayer's method of\naccounting is changed for federal income tax purposes, his method of\naccounting for purposes of this local law shall be similarly changed.\n (2) If a taxpayer's method of accounting is changed, other than from\nan accrual to an installment method, any additional tax which results\nfrom adjustments determined to be necessary solely by reason of the\nchange shall not be greater than if such adjustments were ratably\nallocated and included for the taxable year of the change and the\npreceding taxable years, beginning after July first, nineteen hundred\nsixty-six, not in excess of two, during which the taxpayer used the\nmethod of accounting from which the change is made.\n (3) If a taxpayer's method of accounting is changed from an accrual to\nan installment method, any additional tax for the year of such change of\nmethod and for any subsequent year which is attributable to the receipt\nof installment payments properly accrued in a prior year, shall be\nreduced by the portion of tax for any prior taxable year attributable to\nthe accrual of such installment payments, in accordance with regulations\nof the administrator.\n
‹ 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.