New York Codes, Rules and Regulations, Title 20

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Chapter I Franchise and Certain Business Taxes

Subchapter A Business Corporation Franchise Tax

Part 1 IMPOSITION OF TAX

Subpart 1-1 DEFINITIONS

N.Y. Comp. Codes R. & Regs. Tit. 20§§ 1-1.1 General

Tax Law, section 208

(a) Any term used in this Subchapter shall, unless a different meaning is clearly required, presumably have the same meaning as when used in a comparable context in:

(1) the laws of the United States relating to Federal income taxes and the Federal tax regulations promulgated thereunder;

(2) Tax Law article 1 and the regulations promulgated thereunder;

(3) Tax Law article 9-A and the regulations promulgated thereunder; or

(4) Tax Law article 27 and the regulations promulgated thereunder.

(b) Any reference in this Subchapter to the laws of the United States shall mean the provisions of the Internal Revenue Code (IRC) and other provisions of the laws of the United States relating to Federal income taxes, as the same are effective for the taxable year. Any reference to Federal regulations shall mean the provisions of Title 26 of the Code of Federal Regulations (CFR), relating to Federal income taxes, as the same are effective for the taxable year. Any reference to article 1, article 9, article 9-A, article 22, article 27 or article 33 is a reference to those articles of the Tax Law. Any reference to a section of law that is not described as a section of a specific law is a reference to a section of the Tax Law.

History

• Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023

N.Y. Comp. Codes R. & Regs. Tit. 20§§ 1-1.2 Corporation

Tax Law, sections 208(1), 209(2-a)

(a) The term "corporation" means an entity created as such under the laws of the United States, any state, territory or possession thereof, the District of Columbia, or any foreign country, or any political subdivision of any of the foregoing, that provides a medium for the conducting of business and the sharing of its gains. An entity conducted as a corporation is deemed to be a corporation. The term "corporation" includes:

(1) a domestic international sales corporation (DISC), as defined in IRC section 992(a);

(2) a limited liability company or other business entity classified as a corporation for Federal income tax purposes, except where otherwise provided; and

(3)

(i) an association, within the meaning of IRC section 7701(a)(3), a joint stock company or association, a publicly traded partnership treated as a corporation pursuant to I R C section 7704 and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by certificate or other written instrument.

(ii) The terms" joint stock company" and "association" include every unincorporated joint stock association, joint stock company or enterprise having written articles of association and capital stock divided into shares. The term "association" includes a joint stock association.

(iii) A business conducted by a trustee or trustees in which interest or ownership is evidenced by certificate or other written instrument includes, but is not limited to, an association commonly referred to as a business trust or Massachusetts trust. In determining whether a trustee or trustees are conducting a business, the form of the agreement is of significance but is not controlling. The actual activities of the trustee or trustees, not their purposes and powers, will be regarded as decisive factors in determining whether a trust is subject to tax under article 9-A. The mere investment of funds and the collection of income therefrom, with incidental replacement of securities and reinvestment of funds, does not constitute the conduct of a business in the case of a business conducted by a trustee or trustees.

(b) There are generally three types of corporations - domestic corporations, foreign corporations, and alien corporations.

(1) The term "domestic corporation" means a corporation incorporated by or under the laws of the state of New York.

(2) The term "foreign corporation" means a corporation that is not a domestic corporation.

(3) The term "alien corporation" means a corporation organized under the laws of a country, or any political subdivision thereof, other than the United States, or organized under the laws of a possession, territory, or commonwealth of the United States. An alien corporation is also considered a foreign corporation.

(c) Unless otherwise specified, whenever the term "corporation" is used in this Subchapter, it can refer to a taxpayer or a non-taxpayer.

History

• Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-1.3 Credit cards

The term "credit cards" includes credit, bank, debit, travel and entertainment or pre-paid payment cards or products that can be presented at a physical point-of-sale terminal, electronically, or by telephone.

History

• Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023