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(§ 11-604(7), Administrative Code.) Every taxpayer irrespective of whether it has a regular place of business outside New York City is entitled to allocate its subsidiary capital within and without New York City. The subsidiary capital of the taxpayer allocable to New York City is computed as follows:
(a) multiply the average fair market value (determined as provided in 19 RCNY §§ 11-39 and 11-40, supra) of its subsidiary capital (determined as provided in 19 RCNY § 11-46 "Subsidiary Capital" and 19 RCNY § 11-47, supra) invested in each subsidiary during the period covered by the taxpayer's report by the percentage of the entire capital or issued capital stock, gross direct premiums (in the case of an insurance company) or net income (in the case of a bank or trust company) of such subsidiary required to be allocated within New York City on any report or reports required of it under Chapter 6 or Chapter 11 of Title 11 of the Administrative Code, for the preceding year;
(b) multiply the cash and obligations of the United States and its instrumentalities and obligations of New York State, its political subdivisions and its instrumentalities treated as subsidiary capital, if any, (see: 19 RCNY § 11-46 "Subsidiary Capital," supra) by the weighted average of the percentage used in (a), above;
(c) add the products so obtained.
Subchapter E: Reports
(§ 11-605(1), Administrative Code.)
(a) Reports are required to be filed annually by the following:
(1) every corporation subject to tax, irrespective of the amount of its entire net income or capital. As to what corporations are subject to tax, see 19 RCNY § 11-03, supra;
(2) every receiver, referee, trustee, assignee or other fiduciary, or other officer or agent appointed by any court, who conducts the business of any corporation subject to tax under Subchapter 2 of Chapter 6 of Title 11, of the Administrative Code (§ 11-603(3), Administrative Code); and
(3) every corporation which has an officer, agent or representative within New York City, irrespective of whether such corporation is subject to tax under Subchapter 2 of Chapter 6 of Title 11 of the Administrative Code), provided such corporation is not subject to a tax imposed by any other Chapter of Title 11 of the Administrative Code.
(b) One or more short period reports are required in the case of:
(1) a newly organized taxpayer whose first accounting period is less than 12 months;
(2) a foreign corporation that becomes subject to tax in New York City subsequent to the commencement of its Federal accounting period;
(3) a taxpayer that dissolves, merges, consolidates or ceases to be subject to tax in New York City prior to the close of its accounting period for Federal income tax purposes;
(4) a taxpayer that changes its accounting period for Federal income tax purposes;
(5) a taxpayer that becomes part of or ceases to be part of a Federal consolidated group, i.e., an affiliated group that files a Federal consolidated return, during the year;
(6) a taxpayer that changes from one Federal consolidated group to another Federal consolidated group during the year; and
(7) a taxpayer that is an old target (within the meaning of Treas. Reg. § 1.338-2(c)(17)) for which an election is made pursuant to section 338 of the Internal Revenue Code and not deemed invalid pursuant to 19 RCNY § 11-27(j), if the acquisition date, as defined in section 338(h)(2) of the Internal Revenue Code, is other than the last day of the taxpayer's taxable year determined without regard to such election. A short period report required by this subdivision shall cover the period provided in 19 RCNY §§ 11-13, 11-14 and 11-87 and shall be filed as provided in 19 RCNY §§ 11-87 and 11-88.
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