Current as of January 01, 2021 | Updated by FindLaw Staff
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The New York taxable income of a 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(1) Repealed. See note for L.1987, c. 28 in the Historical and Statutory Notes, below.
(2) There shall be subtracted the modifications described in paragraphs (4) and (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.
(3) There shall be added or subtracted (as the case may be) the share of the estate or trust in the New York fiduciary adjustment determined under section six hundred nineteen.
(4) [Eff. until contingency pursuant to L.1988, c. 782, § 8.] There shall be added or subtracted (as the case may be) the modifications described in paragraphs (6), (10), (17), (18), (19), (20), (21), (22), (23), (24), (25), (26), (27), (29), (38) and (39) of subsection (b) and in paragraphs (11), (13), (15), (19), (20), (21), (22), (23), (24), (25), (26) and (28) of subsection (c) of section six hundred twelve of this part.
(4) [Eff. upon contingency pursuant to L.1988, c. 782, § 8.] There shall be added or subtracted (as the case may be) the modifications described in paragraphs (6), (10), (17), (18), (19), (20), (21), (22), (23), (24), (25), (27), (28), (29), (38) and (39) of subsection (b) and in paragraphs (11), (13), (15), (19), (20), (21), (22), (23), (24), (25), (26) and (28) of subsection (c) of section six hundred twelve of this part.
(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. 1
Cite this article: FindLaw.com - New York Consolidated Laws, Tax Law - TAX § 618. New York taxable income of a resident estate or trust - last updated January 01, 2021 | https://codes.findlaw.com/ny/tax-law/tax-sect-618/
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