§ 659-a. Reporting of federal partnership adjustments. (a) If any item\nrequired to be shown on a federal partnership return, for any\npartnership that has a resident partner or any income derived from New\nYork sources, including any gross income, gain, loss, deduction,\npenalty, credit, or tax for any year of such partnership, including any\namount of any partner's distributive share, is changed or corrected by\nthe commissioner of internal revenue or other officer of the United\nStates or other competent authority, and the partnership is issued an\nadjustment under section sixty-two hundred twenty-five of the internal\nrevenue code or makes a federal election for alternative payment with\nthe internal revenue service as part of a partnership level audit, or\nfiles an administrative adjustment request, the partnership shall\nreport, in the manner prescribed by the commissioner, each change or\ncorrection in sufficient detail to allow for the computation of the New\nYork tax change or correction for the reviewed year within ninety days\nafter the date of each final federal determination, or ninety days after\nthe filing of an administrative adjustment request.\n (b) Definitions. As used in this section, the following terms shall\nhave the following meanings:\n (1) "Administrative adjustment request" means an administrative\nadjustment request filed by a partnership under section sixty-two\nhundred twenty-seven of the internal revenue code.\n (2) "Direct partner" means a partner that holds an interest directly\nin an impacted partnership during the reviewed year.\n (3) "Federal election for alternative payment" means the election\ndescribed in section sixty-two hundred twenty-six of the internal\nrevenue code, relating to alternative payment of imputed underpayment by\npartnership.\n (4) "Final federal adjustment" means a change to an item of gross\nincome, gain, loss, deduction, penalty, credit, or a partner's\ndistributive share, of an impacted partnership determined under section\nsixty-two hundred twenty-five of the internal revenue code that is\nconsidered fixed and final under the internal revenue code.\n (5) "Final federal determination date" means the date on which each\nadjustment or resolution resulting from an internal revenue service\nexamination is assessed pursuant to section sixty-two hundred three of\nthe internal revenue code.\n (6) "Impacted partnership" means a partnership that (i) was issued a\nfinal federal adjustment; or (ii) made a federal election for\nalternative payment with the internal revenue service as part of a\nfederal partnership level audit; or (iii) filed an administrative\nadjustment request with the internal revenue service.\n (7) "Indirect partner" means a partner, member, or shareholder in a\npartnership or other pass-through entity that itself held an interest\nindirectly, or through another indirect partner, in an impacted\npartnership during the reviewed year.\n (8) "New York election for alternative payment" means the election\ndescribed in paragraph three of subsection (d) of this section, relating\nto payment by the impacted partnership in lieu of taxes owed by its\ndirect and indirect partners.\n (9) "Reviewed year" has the meaning provided in paragraph one of\nsubsection (d) of section sixty-two hundred twenty-five of the internal\nrevenue code.\n (10) "Tiered partner" means any partner in an impacted partnership\nwhere such partner is a partnership, S corporation, or other\npass-through entity for New York tax purposes.\n (c) Reporting adjustments to federal taxable income. Where\npartnerships and partners were required to report final federal\nadjustments or administrative adjustment requests for federal purposes\nby taking such adjustments into account on a timely filed amended\nfederal income tax return for the reviewed year, such partnerships and\npartners shall report and pay any New York tax owed under article\nnine-A, twenty-two, thirty-three, or any law author
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