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20 NYCRR § 3-7.1

New York investment capital gains or losses in taxable years beginning on or after

Official textus-ny/regstax.ny.gov11 subsections
Summarize

January 1, 2015.

# (a)

Definitions.

# (1)

“New York investment capital gains or losses” means the amount of Federal capital gains generated or losses sustained in taxable years beginning on or after January 1, 2015, that are attributable to investment capital.

# (2)

“New York net investment capital gain” means the amount of New York investment capital gains in excess of New York investment capital losses for the taxable year.

# (3)

“New York net investment capital loss” means the amount of New York investment capital losses in excess of New York investment capital gains for the taxable year.

# (b)

New York investment capital gains generated or losses sustained do not include any amount of
Federal capital gains generated or losses sustained in a year in which a corporation is:

# (1)

not a taxpayer or a member of a New York combined group under article 9-A (an article 9-A New
York non-filing year);

# (2)

a New York S corporation (a New York S year);

# (3)

a non-captive REIT (a non-captive REIT filing year);

# (4)

a non-captive RIC (a non-captive RIC filing year); or

# (5)

a captive insurance company that is not a combinable captive insurance company (a non-combinable captive insurance company filing year).

Source: official source document (DTF adopted rule text, December 2023 corporate reform)

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In this part (40 sections)
  1. 3-2.1 · Correcting distortions of income or capital
  2. 3-2.2 · Adjusting tax bases to period covered by report
  3. 3-2.3 · Fair market value
  4. 3-2.4 · Average value
  5. 3-2.5 · Use of dollar amounts in computing tax
  6. 3-3.1 · Definition of entire net income (ENI)
  7. 3-3.2 · Taxable year in which income or deduction is included in ENI
  8. 3-3.3 · Subtraction modifications for community banks and thrifts
  9. 3-3.4 · Royalty modification
  10. 3-4.1 · Definition of investment capital
  11. 3-4.2 · Constitutionally protected investment capital
  12. 3-4.3 · Investment capital identification procedures
  13. 3-4.4 · Presumed investment capital that fails the holding period…
  14. 3-4.5 · Definition of investment income
  15. 3-4.6 · Definition of other exempt income
  16. 3-4.7 · Attribution of interest deductions
  17. 3-4.8 · Safe harbor reduction election
  18. 3-5.1 · Definition of business capital and capital base
  19. 3-5.2 · Definition of business income and the business income base
  20. 3-6.1 · Examples. The following are examples intended to address only…
  21. 3-7.1 · New York investment capital gains or losses in taxable years…
  22. 3-7.2 · New York business capital gains or losses in taxable years…
  23. 3-7.3 · Capital losses sustained in taxable years beginning before…
  24. 3-7.4 · Capital losses sustained in taxable years beginning on or after…
  25. 3-7.5 · Application of New York net capital losses
  26. 3-7.6 · Rules for combined reports
  27. 3-7.7 · Record keeping
  28. 3-7.8 · Examples
  29. 3-8.1 · Definitions
  30. 3-8.2 · Computation of the unabsorbed net operating loss (UNOL)
  31. 3-8.3 · Examples
  32. 3-8.4 · PNOLC subtraction -- General
  33. 3-8.5 · Corporations that are not allowed a PNOLC subtraction
  34. 3-8.6 · Computation of PNOLC subtraction pool
  35. 3-8.7 · Computation of the PNOLC subtraction
  36. 3-8.8 · Impact of combined group changes on the PNOLC subtraction
  37. 3-8.9 · Examples
  38. 3-8.10 · Impact of certain corporate acquisitions on the PNOLC…
  39. 3-8.11 · Record-keeping
  40. 3-8.12 · Subsequent changes
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