US Laws, Codes, Statutes & Cases

 
    §  11-501 Meaning of terms. (a) General. Unless a different meaning is
  clearly required, any term used in this  chapter  shall  have  the  same
  meaning  as  when used in a comparable context in the laws of the United
  States relating to federal income  taxes,  and  any  reference  in  this
  chapter  to  the  laws of the United States shall mean the provisions of
  the internal revenue code of nineteen hundred fifty-four, and amendments
  thereto, and other provisions of the laws of the United States  relating
  to  federal income taxes, as the same are included in this chapter as an
  appendix or as included by reference to an appendix of  another  chapter
  enacted  by  the  same law as enacts this chapter. (The quotation of the
  aforesaid laws of the United States is intended to make them a  part  of
  this  chapter  and  to  avoid  constitutional  uncertainties which might
  result if such laws were merely incorporated by reference. The quotation
  of a provision of the federal internal revenue code or of any other  law
  of the United States shall not necessarily mean that it is applicable to
  or has relevance to this chapter.)
    (b)  "State",  "this  state"  or "the state" when used in this chapter
  shall mean the state of New York.
    (c) "Local income taxes", when used in  this  chapter  shall  mean  an
  income tax imposed by a political subdivision of a state.
    (d)  "  Commissioner  of finance" when used in this chapter shall mean
  the commissioner of finance of the city.
    (e) "Department of finance" when used in this chapter shall  mean  the
  department of finance of the city.
    (f)  "Tax  appeals  tribunal" when used in this chapter shall mean the
  tax appeals tribunal established by section one hundred  sixty-eight  of
  the charter.
    (g)  "Unincorporated  business  entire  net  income" when used in this
  chapter shall mean the  excess  of  the  unincorporated  business  gross
  income  of  an  unincorporated business over its unincorporated business
  deductions.
    (h)  "Investment  capital"  when  used  in  this  chapter  shall  mean
  investments  of  the  unincorporated business in stocks, bonds and other
  securities, corporate and governmental (excluding  governmental  stocks,
  bonds  and  other  securities  the  interest or dividends from which are
  fully  exempt  from  tax  under  this  chapter,  other  than  any   such
  governmental  stock,  bond  or other security which is sold or otherwise
  disposed of during the taxable year in a transaction which results in  a
  gain  or  loss  which  is  included in computing unincorporated business
  entire net income for the taxable year), not held for sale to  customers
  in  the  regular  course  of  business,  provided,  however, that in the
  discretion of the commissioner of finance, there shall be deducted  from
  investment  capital any liabilities of the unincorporated business which
  are directly or indirectly attributable to investment capital.
    (i) "Investment income" when used in this chapter shall  mean  income,
  gains  and  losses  from  investment  capital, to the extent included in
  computing unincorporated  business  entire  net  income,  less,  in  the
  discretion  of  the commissioner of finance, any deductions allowable in
  computing unincorporated business entire net income which  are  directly
  or  indirectly  attributable to investment capital or investment income,
  provided, however, that  in  no  case  shall  investment  income  exceed
  unincorporated business entire net income.
    (j) "Business capital" when used in this chapter shall mean all assets
  of  the  unincorporated  business  other  than  investment capital, less
  liabilities of the unincorporated business not deducted from  investment
  capital,  except  that  cash  on hand and on deposit shall be treated as
  investment capital or as business capital as the taxpayer may elect.

    (k)  "Business  income"  when  used  in  this   chapter   shall   mean
  unincorporated business entire net income minus investment income.
    (l)  "Dealer"  when  used  in this chapter shall mean an individual or
  unincorporated entity that (A) holds or disposes  of  property  that  is
  stock  in trade of the taxpayer, inventory or is otherwise held for sale
  to customers in the ordinary course of the taxpayer's trade or business,
  or (B) regularly  offers  to  enter  into,  assume,  offset,  assign  or
  otherwise terminate positions in property with customers in the ordinary
  course  of  the  taxpayer's  trade  or  business,  provided, however, an
  individual or unincorporated entity shall not be  treated  as  a  dealer
  based  solely  on such individual's or entity's ownership of an interest
  in  an  entity  that  is  a  dealer,  and  provided,  further,  that  an
  unincorporated  entity  shall not be treated as a dealer based solely on
  the ownership by a dealer of an interest in that unincorporated entity.
    (m) "Unincorporated entity" when used in this chapter shall include an
  entity classified as a  partnership  for  federal  income  tax  purposes
  regardless of whether the entity is formed as a corporation, joint-stock
  company,  joint-stock  association,  body  corporate  or body politic or
  whether the entity is organized under a federal  or  state  statute,  or
  under  a  statute  of  a  federally  recognized Indian tribe, or under a
  statute of a country other than the  United  States  that  describes  or
  refers to the entity as incorporated.