Expenses paid or incurred during the taxable year for:
(1) Expenses paid or incurred during the taxable year for:
(i)the production or collection of income which is exempt from New York State personal income tax; or#
(i) the production or collection of income which is exempt from New York State personal income tax; or
(ii)the management, conservation or maintenance of property held for the production of such income; and#
(ii) the management, conservation or maintenance of property held for the production of such income; and