US Laws, Codes, Statutes & Cases

 
    §  11-605  Reports.  1.  Every corporation having an officer, agent or
  representative within the  city,  shall  annually  on  or  before  March
  fifteenth,  transmit  to  the commissioner of finance a report in a form
  prescribed by the commissioner (except that a corporation which  reports
  on  the  basis of a fiscal year shall transmit its report within two and
  one-half months after the close of its fiscal year), setting forth  such
  information  as  the  commissioner  of  finance  may prescribe and every
  taxpayer which ceases to do business in the city or to be subject to the
  tax imposed by this subchapter shall transmit  to  the  commissioner  of
  finance  a report on the date of such cessation or at such other time as
  the commissioner may require covering each year or period for  which  no
  report  was  theretofore  filed. Every taxpayer shall also transmit such
  other reports and such facts and  information  as  the  commissioner  of
  finance  may  require  in  the  administration  of  this subchapter. The
  commissioner of finance may grant a reasonable  extension  of  time  for
  filing reports whenever good cause exists.
    With  respect  to taxable years ending prior to December thirty-first,
  nineteen hundred sixty-six, the returns required to be  made  and  filed
  pursuant  to  this  section  shall  be  made  and filed on or before the
  fifteenth day of the third month following the  close  of  such  taxable
  year  or  September  eleventh,  nineteen hundred sixty-six, whichever is
  later.
    * An automatic extension of six months for the filing  of  its  annual
  report  shall  be allowed any taxpayer if, within the time prescribed by
  either of  the  preceding  paragraphs,  whichever  is  applicable,  such
  taxpayer  files  with  the  commissioner  of  finance an application for
  extension in such form as the commissioner may prescribe  by  regulation
  and  pays  on  or  before  the  date  of such filing the amount properly
  estimated as its tax.
    * NB Amended L.L. 64/85 § 1, language juxtaposed per Ch. 907/85 § 14
    2. Every report shall have annexed  thereto  a  certification  by  the
  president,   vice-president,   treasurer,   assistant  treasurer,  chief
  accounting officer or another officer of the taxpayer duly authorized so
  to act to the effect that the statements contained therein are true.  In
  the  case  of  an  association, within the meaning of paragraph three of
  section (a) of section seventy-seven hundred one of the internal revenue
  code,  a  publicly-traded  partnership  treated  as  a  corporation  for
  purposes  of the internal revenue code pursuant to section seventy-seven
  hundred four thereof and any business conducted by a trustee or trustees
  wherein interest or ownership is  evidenced  by  certificates  or  other
  written instruments, such certification shall be made by any person duly
  authorized  so  to  act  on  behalf of such association, publicly-traded
  partnership or business. The fact that an individual's name is signed on
  a certification of the report shall be prima facie  evidence  that  such
  individual is authorized to sign and certify the report on behalf of the
  corporation.   Blank   forms  of  reports  shall  be  furnished  by  the
  commissioner of finance, on application, but failure to  secure  such  a
  blank  shall  not  release any corporation from the obligation of making
  any report required by this subchapter.
    2-a.  The  commissioner  of  finance  may  prescribe  regulations  and
  instructions  requiring  returns  of information to be made and filed in
  conjunction with the reports required  to  be  filed  pursuant  to  this
  section,  relating  to payments made to shareholders owning, directly or
  indirectly, individually or in the aggregate, more than fifty percent of
  the issued capital stock  of  the  taxpayer,  where  such  payments  are
  treated  as payments of interest in the computation of entire net income
  reported on such reports.

    3. If the amount of taxable income, alternative minimum taxable income
  or other basis  of  tax  for  any  year  of  any  taxpayer,  or  of  any
  shareholder  of  any  taxpayer  which  has  elected  to  be  taxed under
  subchapter s of chapter one of the  internal  revenue  code  or  of  any
  shareholder  of  any taxpayer with respect to which an election has been
  made to  be  treated  as  a  qualified  subchapter  s  subsidiary  under
  paragraph  three of subsection (b) of section thirteen hundred sixty-one
  of the internal revenue code, as returned to the United States  treasury
  department or the New York state commissioner of taxation and finance is
  changed  or  corrected  by the commissioner of internal revenue or other
  officer of the United States or  the  New  York  state  commissioner  of
  taxation   and   finance  or  other  competent  authority,  or  where  a
  renegotiation of a contract or subcontract with the United States or the
  state of New York results in a change  in  taxable  income,  alternative
  minimum  taxable  income or other basis of tax, or where a recovery of a
  war loss results in a computation or recomputation of any tax imposed by
  the United States or the state of New York, or if  a  taxpayer  or  such
  shareholder  of  a  taxpayer,  pursuant  to  subsection  (d)  of section
  sixty-two hundred thirteen of the  internal  revenue  code,  executes  a
  notice  of waiver of the restrictions provided in subsection (a) of said
  section, or if a taxpayer, or such shareholder of a  taxpayer,  pursuant
  to  subsection  (f)  of  section one thousand eighty-one of the tax law,
  executes a notice of waiver of the restrictions provided  in  subsection
  (c)  of  said  section,  such  taxpayer  shall  report  such  changed or
  corrected taxable income, alternative minimum taxable  income  or  other
  basis of tax, or the results of such renegotiation, or such computation,
  or  recomputation,  or  such  execution of such notice of waiver and the
  changes or corrections of the  taxpayer's  federal  or  New  York  state
  taxable income, alternative minimum taxable income or other basis of tax
  on which it is based, within ninety days (or one hundred twenty days, in
  the  case  of  a taxpayer making a combined report under this subchapter
  for such year) after such execution or the final determination  of  such
  change   or   correction  or  renegotiation,  or  such  computation,  or
  recomputation, or as required by the commissioner of finance, and  shall
  concede  the  accuracy  of  such  determination  or  state wherein it is
  erroneous. The allowance of a tentative carryback adjustment based  upon
  a net operating loss carryback or net capital loss carryback pursuant to
  section  sixty-four hundred eleven of the internal revenue code shall be
  treated as a final determination for purposes of this  subdivision.  Any
  taxpayer  filing  an amended return with such department shall also file
  within ninety days thereafter an amended report with the commissioner of
  finance.
    4. In the discretion of the  commissioner  of  finance,  any  taxpayer
  which  owns  or controls either directly or indirectly substantially all
  the capital stock of one or more other  corporations,  or  substantially
  all the capital stock of which is owned or controlled either directly or
  indirectly  by  one or more other corporations or by interests which own
  or control either directly or indirectly substantially all  the  capital
  stock of one or more other corporations, may be required or permitted to
  make  a  report on a combined basis covering any such other corporations
  and setting forth such information as the commissioner  of  finance  may
  require;  provided, however, that no taxpayer may be permitted to make a
  report on a combined basis covering any such  other  corporations  where
  (a)  such taxpayer or any such other corporation allocates in accordance
  with clause (A) of subparagraph six  of  paragraph  (a)  of  subdivision
  three of section 11-604 of this subchapter and such taxpayer or any such
  other corporation does not so allocate, or (b) such taxpayer or any such
  other  corporation  allocates  in  accordance with subparagraph seven of

  paragraph (a) of subdivision three of section 11-604 of this  subchapter
  and  such  taxpayer  or any such other corporation does not so allocate;
  provided, further that no combined report covering any corporation not a
  taxpayer shall be required unless the commissioner of finance deems such
  a  report  necessary,  because  of  inter-company  transactions  or some
  agreement, understanding, arrangement  or  transaction  referred  to  in
  subdivision  five  of this section, in order properly to reflect the tax
  liability  under  this  subchapter  and  provided,   further,   that   a
  corporation  which  elects  the  application  of  section  nine  hundred
  thirty-six of the internal revenue code with  respect  to  a  particular
  federal  taxable  year shall not, in the case of a taxpayer, be required
  or permitted to make a report on a combined  basis  with  respect  to  a
  taxable  year  under  this  subchapter which is the same as such federal
  taxable year (or a portion thereof), and, in the case of  a  corporation
  which  is  not  a taxpayer, no combined report covering such corporation
  with respect to  such  taxable  year  under  this  subchapter  shall  be
  required or permitted. In the case of a combined report the tax shall be
  measured  by  the combined entire net income or combined capital, of all
  the corporations included in the report; provided, however, in no  event
  shall  the  tax  measured  by  combined  capital  exceed  the limitation
  provided for in paragraph F of subdivision one of section 11-604 of this
  subchapter. In  computing  combined  entire  net  income  intercorporate
  dividends  shall  be  eliminated,  in  computing  combined  business and
  investment capital  intercorporate  stock  holdings  and  intercorporate
  bills,   notes   and   accounts   receivable   and   payable  and  other
  intercorporate  indebtedness  shall  be  eliminated  and  in   computing
  combined   subsidiary  capital  intercorporate  stockholdings  shall  be
  eliminated.
    5. In case it shall appear to the commissioner  of  finance  that  any
  agreement,  understanding or arrangement exists between the taxpayer and
  any other corporation or any  person  or  firm,  whereby  the  activity,
  business,  income  or  capital  of  the  taxpayer  within  the  city  is
  improperly or inaccurately reflected, the  commissioner  of  finance  is
  authorized and empowered, in its discretion and in such manner as it may
  determine,  to  adjust  items  of income, deductions and capital, and to
  eliminate assets in computing any allocation  percentage  provided  only
  that  any income directly traceable thereto be also excluded from entire
  net income, so as equitably to determine the tax. Where (a) any taxpayer
  conducts its activity or business under any  agreement,  arrangement  or
  understanding in such manner as either directly or indirectly to benefit
  its  members  or  stockholders, or any of them, or any person or persons
  directly or indirectly interested  in  such  activity  or  business,  by
  entering  into  any transaction at more or less than a fair price which,
  but for such agreement, arrangement or understanding,  might  have  been
  paid or received therefor, or (b) any taxpayer, a substantial portion of
  whose  capital  stock  is owned either directly or indirectly by another
  corporation, enters into any transaction with such other corporation  on
  such terms as to create an improper loss or net income, the commissioner
  of finance may include in the entire net income of the taxpayer the fair
  profits,  which,  but  for such agreement, arrangement or understanding,
  the taxpayer might have derived from such transaction.
    6. An action may be brought at any time by the corporation counsel  at
  the  instance  of  the  commissioner  of finance to compel the filing of
  reports due under this subchapter.
    7. Reports shall be preserved for five years, and thereafter until the
  commissioner of finance orders them to be destroyed.
    8. Where the state tax commission changes  or  corrects  a  taxpayer's
  sales and compensating use tax liability with respect to the purchase or

  use  of  items  for which a sales or compensating use tax credit against
  the tax imposed by this chapter was claimed, the taxpayer  shall  report
  such  change  or correction to the commissioner of finance within ninety
  days  of  the  final  determination  of such change or correction, or as
  required by the commissioner of finance, and shall concede the  accuracy
  of  such  determination  or  state wherein it is erroneous. Any taxpayer
  filing an amended return or report relating to the purchase  or  use  of
  such  items shall also file within ninety days thereafter a copy of such
  amended return or report with the commissioner of finance.