20 NYCRR § 3-9.5
Income from discharge of indebtedness
In a year in which the corporation has income from the discharge of indebtedness that was excluded from Federal taxable income, the corporation must reduce any New York NOLs in the same manner as provided under IRC section 108(b) and related regulations, provided reductions to Federal tax attributes that are not applicable to New York State are excluded. The amount by which the New York NOLs must be reduced is computed by multiplying the New York business apportionment factor for the year of discharge by the amount of Federal NOL that is required to be reduced.
Source: official source document (DTF adopted rule text, December 2023 corporate reform)
In this part (40 sections)
- 3-3.3 · Subtraction modifications for community banks and thrifts
- 3-3.4 · Royalty modification
- 3-4.1 · Definition of investment capital
- 3-4.2 · Constitutionally protected investment capital
- 3-4.3 · Investment capital identification procedures
- 3-4.4 · Presumed investment capital that fails the holding period…
- 3-4.5 · Definition of investment income
- 3-4.6 · Definition of other exempt income
- 3-4.7 · Attribution of interest deductions
- 3-4.8 · Safe harbor reduction election
- 3-5.1 · Definition of business capital and capital base
- 3-5.2 · Definition of business income and the business income base
- 3-6.1 · Examples. The following are examples intended to address only…
- 3-7.1 · New York investment capital gains or losses in taxable years…
- 3-7.2 · New York business capital gains or losses in taxable years…
- 3-7.3 · Capital losses sustained in taxable years beginning before…
- 3-7.4 · Capital losses sustained in taxable years beginning on or after…
- 3-7.5 · Application of New York net capital losses
- 3-7.6 · Rules for combined reports
- 3-7.7 · Record keeping
- 3-7.8 · Examples
- 3-8.1 · Definitions
- 3-8.2 · Computation of the unabsorbed net operating loss (UNOL)
- 3-8.3 · Examples
- 3-8.4 · PNOLC subtraction -- General
- 3-8.5 · Corporations that are not allowed a PNOLC subtraction
- 3-8.6 · Computation of PNOLC subtraction pool
- 3-8.7 · Computation of the PNOLC subtraction
- 3-8.8 · Impact of combined group changes on the PNOLC subtraction
- 3-8.9 · Examples
- 3-8.10 · Impact of certain corporate acquisitions on the PNOLC…
- 3-8.11 · Record-keeping
- 3-8.12 · Subsequent changes
- 3-9.1 · Definitions
- 3-9.2 · Net operating loss deduction
- 3-9.3 · Application of NOLs
- 3-9.4 · Overpayments and underpayments resulting from NOL carrybacks
- 3-9.5 · Income from discharge of indebtedness
- 3-9.6 · Carryforwards in certain corporate reorganizations and…
- 3-9.7 · Examples