N.Y. Tax Law § 619 — Share of a resident estate, trust or beneficiary in New York fiduciary adjustment

§ 619. Share of a resident estate, trust or beneficiary in New York\nfiduciary adjustment.\n (a) General. An adjustment shall be made in determining New York\ntaxable income of a resident estate or trust under section six hundred\neighteen, or New York adjusted gross income of a resident beneficiary of\nany estate or trust under subsection (d) of section six hundred twelve,\nin the amount of the share of each in the New York fiduciary adjustment\nas determined in this section.\n (b) Definition. The New York fiduciary adjustment shall be the net\namount of the modifications described in section six hundred twelve\n(including subsection (d) if the estate or trust is a beneficiary of\nanother estate or trust), in subsection (c) and paragraphs (2) and (3)\nof subsection (d) of section six hundred fifteen, and in subsection (e)\nof this section, which relate to items of income, gain, loss or\ndeduction of an estate or trust. The net amount of such modifications\nshall not include:\n (1) Any modification described in paragraphs (1) and (2) of subsection\n(b) and paragraphs (1), (2), (4), (5), (6) and (7) of subsection (c) of\nsection six hundred twelve with respect to any amount which, pursuant to\nthe terms of the governing instrument, is paid or permanently set aside\nfor a charitable purpose during the taxable year, and\n (2) Any modification described in paragraph (4) or (5) of subsection\n(c) of section six hundred twelve, with respect to gains from the sale\nor other disposition of property, to the extent such gains are excluded\nfrom federal distributable net income of the estate or trust.\n (c) Shares of New York fiduciary adjustment.\n (1) The respective shares of an estate or trust and its beneficiaries\n(including, solely for the purpose of this allocation, nonresident\nbeneficiaries) in the New York fiduciary adjustment shall be in\nproportion to their respective shares of federal distributable net\nincome of the estate or trust.\n (2) If the estate or trust has no federal distributable net income for\nthe taxable year, the share of each beneficiary in the New York\nfiduciary adjustment shall be in proportion to his share of the estate\nor trust income for such year, under local law or the governing\ninstrument, which is required to be distributed currently and any other\namounts of such income distributed in such year. Any balance of the New\nYork fiduciary adjustment shall be allocated to the estate or trust.\n (d) Alternate attribution of modifications. The tax commission may by\nregulation establish such other method or methods of determining to whom\nthe items comprising the fiduciary adjustment shall be attributed, as\nmay be appropriate and equitable. Such method may be used by the\nfiduciary in his discretion whenever the allocation of the fiduciary\nadjustment pursuant to subsection (c) would result in an inequity which\nis substantial both in amount and in relation to the amount of the\nfiduciary adjustment.\n (e) Additional modifications. (1) For any taxable year beginning after\nDecember thirty-first, two thousand seventeen, and before January first,\ntwo thousand twenty-six, to the extent that the estate or trust claimed\na deduction for taxes under section 164 of the internal revenue code\nthat was limited to ten thousand dollars as provided in section\n164(b)(6)(B) or was denied as a result of section 164(b)(6)(A), there\nshall be subtracted the taxes paid or accrued in that taxable year by an\nestate or trust that the estate or trust was not able to deduct for\nfederal income tax purposes because of such limitation or denial, other\nthan state and local sales taxes and income taxes described in paragraph\none of subsection (c) of section six hundred fifteen of this part. In\ndetermining the makeup of the ten thousand dollars of deduction claimed\nby the estate or trust under section 164 of the internal revenue code,\nit shall be presumed that the ten thousand dollars of deduction first\ncomprises the state and local sales taxes or income taxes the estate or\ntrust accrued or paid during the taxable year.\n (2) For any taxable year beginning after December thirty-first, two\nthousand seventeen, and before January first, two thousand twenty-six,\nthere shall be subtracted the miscellaneous itemized deductions as\ndescribed in and limited by section 67 of the internal revenue code (but\nexcluding the deductions described in subsection (e) of section 67), but\ndetermined without regard to subsection (g) of such section.\n (3) For any taxable year, there shall be added the amount of any\ndeduction allowed pursuant to section 199A of the internal revenue code.\n