2006 New York Code - City Taxable Income Of A City Resident Estate Or Trust.

 
    §  11-1718 City taxable income of a city resident estate or trust. The
  city taxable income of a city resident estate or trust means its federal
  taxable income as defined in the laws  of  the  United  States  for  the
  taxable year, with the following modifications:
    *  (1)  There  shall  be  subtracted  six  hundred dollars as the city
  exemption of the estate or trust, and there shall be added the amount of
  its federal deduction for a personal exemption.
    * NB Repealed with respect to taxable years beginning after 1989
    (2)  There  shall  be  subtracted  the  modifications   described   in
  paragraphs  four  and  five  of subdivision (c) of section 11-1712, with
  respect to gains from the sale or other disposition of property, to  the
  extent  such gains are excluded from federal distributable net income of
  the estate or trust.
    (3) There shall be added or subtracted (as the case may be) the  share
  of the estate or trust in the city fiduciary adjustment determined under
  section 11-1719.
    *  (4)  There  shall  be  added or subtracted (as the case may be) the
  modifications described in paragraphs  six,  ten,  seventeen,  eighteen,
  nineteen,  twenty,  twenty-one,  twenty-two,  twenty-three, twenty-four,
  twenty-five, twenty-six, twenty-seven and twenty-nine of subdivision (b)
  and  in  paragraphs  eleven,  thirteen,   fifteen,   nineteen,   twenty,
  twenty-one,    twenty-two,   twenty-three,   twenty-four,   twenty-five,
  twenty-six and twenty-eight of subdivision (c) of section 11-1712.
    * NB Effective until ch. 782/88 expires
    * (4) There shall be added or subtracted (as  the  case  may  be)  the
  modifications  described  in  paragraphs  six, ten, seventeen, eighteen,
  nineteen, twenty,  twenty-one,  twenty-two,  twenty-three,  twenty-four,
  twenty-five,  twenty-seven,  twenty-eight and twenty-nine of subdivision
  (b) and in  paragraphs  eleven,  thirteen,  fifteen,  nineteen,  twenty,
  twenty-one,    twenty-two,   twenty-three,   twenty-four,   twenty-five,
  twenty-six and twenty-eight of subdivision (c) of section 11-1712.
    * NB Effective when ch. 782/88 expires
    *  (5)  There  shall  be  subtracted  the  modification  described  in
  paragraph sixteen of subdivision (c) of section 11-1712, with respect to
  a  qualified  higher  education  fund established by the decedent or the
  grantor of  the  trust,  and  there  shall  be  added  the  modification
  described in paragraph fourteen of subdivision (b) of section 11-1712 in
  the  case of a trust or estate to which the assets of a qualified higher
  education fund are required to be distributed pursuant to  clause  (iii)
  of  subparagraph  (A)  of  paragraph three of subdivision (k) of section
  11-1712.
    * NB Repealed with repect to taxable years beginning after 1987
    (5) In the case of a trust, there shall be added  the  amount  of  any
  includible  gain,  reduced by any deductions properly allocable thereto,
  upon which tax is imposed for the taxable year pursuant to  section  six
  hundred forty-four of the internal revenue code.