2015 New York Laws
TAX - Tax
Article 22 - PERSONAL INCOME TAX
Part 2 - (611 - 630-D*2) RESIDENTS
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
  fiduciary adjustment.
(a) General. An adjustment shall  be  made  in  determining  New  York
  taxable  income  of a resident estate or trust under section six hundred
  eighteen, or New York adjusted gross income of a resident beneficiary of
  any estate or trust under subsection (d) of section six hundred  twelve,
  in  the amount of the share of each in the New York fiduciary adjustment
  as determined in this section.
(b) Definition. The New York fiduciary adjustment  shall  be  the  net
  amount  of  the  modifications  described  in section six hundred twelve
  (including subsection (d) if the estate or trust  is  a  beneficiary  of
  another  estate  or trust), and in subsection (c) and paragraphs (2) and
  (3) of subsection (d) of section six hundred fifteen,  which  relate  to
  items  of income, gain, loss or deduction of an estate or trust. The net
  amount of such modifications shall not include:
(1) Any modification described in paragraphs (1) and (2) of subsection
  (b) and paragraphs (1), (2), (4), (5), (6) and (7) of subsection (c)  of
  section six hundred twelve with respect to any amount which, pursuant to
  the  terms of the governing instrument, is paid or permanently set aside
  for a charitable purpose during the taxable year, and
(2) Any modification described in paragraph (4) or (5)  of  subsection
  (c)  of  section six hundred twelve, 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.
(c) Shares of New York fiduciary adjustment.
(1)  The respective shares of an estate or trust and its beneficiaries
  (including, solely for  the  purpose  of  this  allocation,  nonresident
  beneficiaries)  in  the  New  York  fiduciary  adjustment  shall  be  in
  proportion to their  respective  shares  of  federal  distributable  net
  income of the estate or trust.
(2) If the estate or trust has no federal distributable net income for
  the  taxable  year,  the  share  of  each  beneficiary  in  the New York
  fiduciary adjustment shall be in proportion to his share of  the  estate
  or  trust  income  for  such  year,  under  local  law  or the governing
  instrument, which is required to be distributed currently and any  other
  amounts  of such income distributed in such year. Any balance of the New
  York fiduciary adjustment shall be allocated to the estate or trust.
(d) Alternate attribution of modifications. The tax commission may  by
  regulation establish such other method or methods of determining to whom
  the  items  comprising  the fiduciary adjustment shall be attributed, as
  may be appropriate and  equitable.  Such  method  may  be  used  by  the
  fiduciary  in  his  discretion  whenever the allocation of the fiduciary
  adjustment pursuant to subsection (c) would result in an inequity  which
  is  substantial  both  in  amount  and  in relation to the amount of the
  fiduciary adjustment.