§ 208. Definitions. As used in this article:\n 1. The term "corporation" includes (a) an association within the\nmeaning of paragraph three of subsection (a) of section seventy-seven\nhundred one of the internal revenue code (including a limited liability\ncompany), (b) a joint-stock company or association, (c) a publicly\ntraded partnership treated as a corporation for purposes of the internal\nrevenue code pursuant to section seventy-seven hundred four thereof and\n(d) any business conducted by a trustee or trustees wherein interest or\nownership is evidenced by certificate or other written instrument.\n"DISC" and "former DISC" mean any corporation which meets the\nrequirements of subsection (a) of section nine hundred ninety-two of the\ninternal revenue code.\n 1-A. The term "New York S corporation" means, with respect to any\ntaxable year, a corporation subject to tax under this article for which\nan election is in effect pursuant to subsection (a) of section six\nhundred sixty of this chapter for such year, any such year shall be\ndenominated a "New York S year", and such election shall be denominated\na "New York S election". The term "New York C corporation" means, with\nrespect to any taxable year, a corporation subject to tax under this\narticle which is not a New York S corporation, and any such year shall\nbe denominated a "New York C year". The term "termination year" means\nany taxable year of a corporation during which the New York S election\nterminates on a day other than the first day of such year. The portion\nof the taxable year ending before the first day for which such\ntermination is effective shall be denominated the "S short year", and\nthe portion of such year beginning on such first day shall be\ndenominated the "C short year". The term "New York S termination year"\nmeans any termination year which is not also an S termination year for\nfederal purposes.\n 1-B. The term "QSSS" means a corporation which is a qualified\nsubchapter S subsidiary as defined in subparagraph (B) of paragraph\nthree of subsection (b) of section thirteen hundred sixty-one of the\ninternal revenue code. The term "exempt QSSS" means a QSSS exempt from\ntax under this article as provided in paragraph (k) of subdivision nine\nof this section, or a QSSS described in subclause (i) of clause (B) of\nsubparagraph two of paragraph (k) of subdivision nine of this section,\nwherein the parent corporation of the QSSS is subject to tax under this\narticle, and the assets, liabilities, income and deductions of the QSSS\nare treated as the assets, liabilities, income and deductions of the\nparent corporation. Where a QSSS is an exempt QSSS, then for all\npurposes under this article:\n (a) the assets, liabilities, income, deductions, property, payroll,\nreceipts, capital, credits, and all other tax attributes and elements of\neconomic activity of the QSSS shall be deemed to be those of the parent\ncorporation,\n (b) the stocks, bonds and other securities issued by, and any\nindebtedness from, the QSSS shall not be investment or business capital\nof the parent corporation,\n (c) transactions between the parent corporation and the QSSS,\nincluding the payment of interest and dividends, shall not be taken into\naccount, and\n (d) general executive officers of the QSSS shall be deemed to be\ngeneral executive officers of the parent corporation.\n 2. The term "taxpayer" means any corporation subject to tax under this\narticle.\n 3. The term "subsidiary" means a corporation of which over fifty\npercent of the number of shares of stock entitling the holders thereof\nto vote for the election of directors or trustees is owned by the\ntaxpayer.\n 4. The term "stock" means an interest in a corporation that is treated\nas equity for federal income tax purposes.\n 5. (a) The term "investment capital" means investments in stocks that\n(i) satisfy the definition of a capital asset under section 1221 of the\ninternal revenue code at all times the
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