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20 NYCRR § 3-7.3

Capital losses sustained in taxable years beginning before January 1, 2015

Official textus-ny/regstax.ny.gov
Summarize

# (a)

Except as provided in subdivisions (b) and (c) of this section, a corporation subject to tax under article 9-A or article 32, or a member of a combined group subject to tax under article 9-A or article 32, that sustained a Federal net capital loss under IRC section 1212 in a taxable year beginning before January 1, 2015, shall carry back and forward such Federal net capital loss as required by this Subpart and section 18-2.5(b) of Subchapter B of this Chapter, as such provisions existed on December 31, 2014.

# (b)

The carryover of any amount of a Federal net capital loss that was sustained in a taxable year beginning before January 1, 2015, to a taxable year beginning after December 31, 2014, shall be governed by this Subpart.

# (c)

Any Federal net capital loss available for carryforward as of the end of the last taxable year beginning before January 1, 2015, shall be deemed to be a New York net business capital loss (regardless of whether such capital loss was from business capital, investment capital, or subsidiary capital as such terms were previously defined in article 9-A regulations or, to the extent relevant, article 32 regulations as such regulations existed on December 31, 2014). Such New York net business capital loss shall be carried forward to the next succeeding taxable year beginning on or after January 1, 2015, and must be applied only against New York business capital gains. Such New York net business capital loss may only be carried forward to the 5 taxable years immediately succeeding the loss year and nothing in this Subpart extends this capital loss carryforward period.

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

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In this part (40 sections)
  1. 3-2.3 · Fair market value
  2. 3-2.4 · Average value
  3. 3-2.5 · Use of dollar amounts in computing tax
  4. 3-3.1 · Definition of entire net income (ENI)
  5. 3-3.2 · Taxable year in which income or deduction is included in ENI
  6. 3-3.3 · Subtraction modifications for community banks and thrifts
  7. 3-3.4 · Royalty modification
  8. 3-4.1 · Definition of investment capital
  9. 3-4.2 · Constitutionally protected investment capital
  10. 3-4.3 · Investment capital identification procedures
  11. 3-4.4 · Presumed investment capital that fails the holding period…
  12. 3-4.5 · Definition of investment income
  13. 3-4.6 · Definition of other exempt income
  14. 3-4.7 · Attribution of interest deductions
  15. 3-4.8 · Safe harbor reduction election
  16. 3-5.1 · Definition of business capital and capital base
  17. 3-5.2 · Definition of business income and the business income base
  18. 3-6.1 · Examples. The following are examples intended to address only…
  19. 3-7.1 · New York investment capital gains or losses in taxable years…
  20. 3-7.2 · New York business capital gains or losses in taxable years…
  21. 3-7.3 · Capital losses sustained in taxable years beginning before…
  22. 3-7.4 · Capital losses sustained in taxable years beginning on or after…
  23. 3-7.5 · Application of New York net capital losses
  24. 3-7.6 · Rules for combined reports
  25. 3-7.7 · Record keeping
  26. 3-7.8 · Examples
  27. 3-8.1 · Definitions
  28. 3-8.2 · Computation of the unabsorbed net operating loss (UNOL)
  29. 3-8.3 · Examples
  30. 3-8.4 · PNOLC subtraction -- General
  31. 3-8.5 · Corporations that are not allowed a PNOLC subtraction
  32. 3-8.6 · Computation of PNOLC subtraction pool
  33. 3-8.7 · Computation of the PNOLC subtraction
  34. 3-8.8 · Impact of combined group changes on the PNOLC subtraction
  35. 3-8.9 · Examples
  36. 3-8.10 · Impact of certain corporate acquisitions on the PNOLC…
  37. 3-8.11 · Record-keeping
  38. 3-8.12 · Subsequent changes
  39. 3-9.1 · Definitions
  40. 3-9.2 · Net operating loss deduction
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