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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.
(a) Under § 11-605 of the Administrative Code, every corporation which has an officer, agent or representative in New York City is required to file reports, irrespective of whether it is subject to tax. As to a corporation not subject to tax, this requirement applies only if it maintains in New York City, with a fair degree of regularity and continuity, one or more officers, agents or representatives, between whom and the corporation there exists the relationship of employer and employee. (As to when the relationship of employer and employee exists between a corporation and its agents or representatives, see 19 RCNY § 11-66(b), supra.) A corporation not subject to tax is not required to file reports merely because one or more of its officers, agents or representatives reside or have an office in some other capacity in New York City or come into the City at infrequent intervals in connection with isolated transactions of the corporation.
(b) Every corporation maintaining one or more officers, agents or representatives in New York City, which claims that it is not subject to tax, is required to file a special information report setting forth full information as to its activities in New York City, so that the Commissioner of Finance may ascertain whether it is subject to tax (form NYC-245). If the Commissioner of Finance determines that the corporation is subject to tax, he will notify the corporation to file a regular tax report.
(§ 11-605(3), Administrative Code.)
(a) If the amount of the taxable income of any taxpayer or of any shareholder of any taxpayer which has elected to be taxed under subchapter S of chapter 1 of the Internal Revenue Code, as returned for Federal or New York State income or franchise tax purposes, is changed or corrected by a final determination of the Commissioner of Internal Revenue or other officer of the United States or New York Tax Commission, or other competent authority, or if a renegotiation of a contract or subcontract with the United States or the State of New York results in a change in taxable income, the taxpayer is required to report such changed or corrected taxable income or the results of such renegotiation and to concede the accuracy thereof or state wherein it is erroneous.
(b) Any deficiency notice (including a notice issued pursuant to a waiver filed by a taxpayer) pursuant to the provisions of the Internal Revenue Code or the New York Tax Law is a final determination, unless a timely petition to redetermine the deficiency is filed in the Tax Court of the United States or with the State Tax Commission, in which event the judgment of the court of last resort affirming the deficiency, or the redetermination of the deficiency pursuant to the judgment of the court of last resort, is the final determination. The allowance by the Commissioner of Internal Revenue or the State Tax Commission of a refund of any part of the tax shown on the taxpayer's return or of any deficiency thereafter assessed, whether such refund is made on his or its own motion or pursuant to judgment of a court, is also a final determination.
(c) Any taxpayer filing an amended return with the United States Treasury Department or the New York State Department of Taxation and Finance shall also file an amended report with the Commissioner of Finance.
(§ 11-605(3), Administrative Code.)
(a) If a taxpayer realizes a recovery of war loss it should indicate on its next annual tax report:
(1) The amount of any such recovery, the year in which recovered and the years in which the taxpayer deducted such recovered loss.
(2) Whether any such recovery has been included in taxable income for tax purposes and the year so included.
(3) Whether any such recovery was the basis for any adjustment by the United States Treasury Department or the State Tax Commission of the income of any year prior to the year of recovery.
(b) If a taxpayer has elected to exclude such recovery from Federal taxable income in the year of recovery resulting in a computation or recomputation of any tax imposed by the United States or New York State, the taxpayer is required to report the results of such computation or recomputation of tax to the Commissioner of Finance and to concede the accuracy thereof or state wherein it is erroneous.
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