§ 631. New York source income of a nonresident individual. (a)\nGeneral. The New York source income of a nonresident individual shall\nbe the sum of the following: (1) The net amount of items of income,\ngain, loss and deduction entering into his federal adjusted gross\nincome, as defined in the laws of the United States for the taxable\nyear, derived from or connected with New York sources, including: (A)\nhis distributive share of partnership income, gain, loss and deduction,\ndetermined under section six hundred thirty-two, and\n (B) his pro rata share of New York S corporation income, loss and\ndeduction, increased by reductions for taxes described in paragraphs two\nand three of subsection (f) of section thirteen hundred sixty-six of the\ninternal revenue code, determined under section six hundred thirty-two,\nand\n (C) his share of estate or trust income, gain, loss and deduction,\ndetermined under section six hundred thirty-four and\n (2) The portion of the modifications described in subsections (b) and\n(c) of section six hundred twelve which relate to income derived from\nNew York sources (including any modifications attributable to him as a\npartner or shareholder of a New York S corporation).\n (b) Income and deductions from New York sources.\n (1) Items of income, gain, loss and deduction derived from or\nconnected with New York sources shall be those items attributable to:\n (A) the ownership of any interest in real or tangible personal\nproperty in this state; or\n (1) For purposes of this subparagraph, the term "real property located\nin this state" includes an interest in a partnership, limited liability\ncorporation, S corporation, or non-publicly traded C corporation with\none hundred or fewer shareholders (hereinafter the "entity") that owns\nreal property that is located in New York or owns shares of stock in a\ncooperative housing corporation where the cooperative units relating to\nthe shares are located in New York; provided, that the sum of the fair\nmarket values of such real property, cooperative shares, and related\ncooperative units equals or exceeds fifty percent of all the assets of\nthe entity on the date of sale or exchange of the taxpayer's interest in\nthe entity. Only those assets that the entity owned for at least two\nyears before the date of the sale or exchange of the taxpayer's interest\nin the entity are to be used in determining the fair market value of all\nthe assets of the entity on the date of sale or exchange. The gain or\nloss derived from New York sources from the taxpayer's sale or exchange\nof an interest in an entity that is subject to the provisions of this\nsubparagraph is the total gain or loss for federal income tax purposes\nfrom that sale or exchange multiplied by a fraction, the numerator of\nwhich is the fair market value of the real property, and the cooperative\nhousing corporation stock and related cooperative units located in New\nYork on the date of sale or exchange and the denominator of which is the\nfair market value of all the assets of the entity on the date of sale or\nexchange.\n (B) a business, trade, profession or occupation carried on in this\nstate; or\n (C) in the case of a shareholder of an S corporation where the\nelection provided for in subsection (a) of section six hundred sixty of\nthis article is in effect, the ownership of shares issued by such\ncorporation, to the extent determined under section six hundred\nthirty-two of this article; or\n (D) winnings from a wager placed in a lottery conducted by the\ndivision of the lottery, if the proceeds from such wager exceed five\nthousand dollars; or\n (D-1) gambling winnings in excess of five thousand dollars from\nwagering transactions within the state; or\n (E) gains from the sale, conveyance or other disposition of shares of\nstock in a cooperative housing corporation in connection with the grant\nor transfer of a proprietary leasehold by the owner thereof and subject\nto the provisi
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