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20 NYCRR § 9-5.1

General

Official textus-ny/regstax.ny.gov
Summarize

# (a)

For purposes of article 9-A, a DISC is either a “tax exempt DISC” or a “taxable DISC”. For any taxable year during which a corporation does not meet the requirements for treatment as a DISC, it will be treated in the same manner as any other taxpayer subject to tax under article 9-A.

# (b)

The term “former DISC” refers, with respect to any taxable year, to a corporation that is not a DISC during such year, but was (or was treated as) a DISC for a prior taxable year. However, a corporation will not be considered a former DISC for a taxable year unless such corporation has, at the beginning of such taxable year, undistributed previously taxed income or accumulated DISC income.

# (c)

To determine if a taxpayer that is a stockholder of a taxable DISC may be included in a combined report with the taxable DISC, see Subpart 6-2 of this Subchapter. Provided, in the case of a combined report, intercorporate dividends from a taxable DISC or a taxable former DISC are treated as business income and shall not be eliminated.

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

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In this part (21 sections)
  1. 9-1.1 · General definitions
  2. 9-1.2 · Definition of qualified New York manufacturer
  3. 9-1.3 · Contract manufacturing
  4. 9-1.4 · Corporate Partners
  5. 9-2.1 · General
  6. 9-2.2 · Determination of applicable methodology
  7. 9-2.3 · Computation of tax under the aggregate method
  8. 9-2.4 · Computation of tax under the entity method
  9. 9-2.5 · Treatment of gain or loss from the sale of a partnership…
  10. 9-2.6 · Election by certain foreign limited partners
  11. 9-3.1 · Apportionment rules for New York S corporations
  12. 9-3.2 · Nonresident and part-year resident shareholders of New York S…
  13. 9-3.3 · Examples
  14. 9-4.1 · General treatment of REITs and RICs
  15. 9-4.2 · Computation of income
  16. 9-4.3 · Qualified financial instrument apportionment rules for…
  17. 9-4.4 · Combination rules for REITs and RICs
  18. 9-5.1 · General
  19. 9-5.2 · Corporate stockholders of tax exempt DISC
  20. 9-5.3 · Corporate stockholders’ treatment of distribution and capital…
  21. 9-5.4 · Rules for treatment of earnings and profits
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