(§ 11-604(2), Administrative Code.)
(a) The amount of the business capital of the taxpayer is determined by taking the total average fair market value, during the period covered by the report, of all the assets of the taxpayer which constitute business capital, less certain current liabilities (19 RCNY § 11-36 "investment capital," supra).
(b) The amount of the investment capital of the taxpayer is determined as follows:
(1) ascertain the average value of each item of investment capital (including cash, where the election described in paragraph (2) of subdivision (a) of 19 RCNY § 11-37 is made);
(2) ascertain the net value of each such item by subtracting from the average value of each such item average liabilities that are directly or indirectly attributable to that item; and
(3) add the net values so arrived at. The average value of a marketable security included in investment capital is its average fair market value, and the average value of an item of investment capital that is not a marketable security is the average value shown (or which should have been shown, if not so shown) on the books and records of the taxpayer in accordance with generally accepted accounting principles.