(1)In the case of a shareholder of an S corporation:#
(1) In the case of a shareholder of an S corporation:
(i)
(a) Where the election to be treated as a New York S corporation under section 660(a) of the Tax Law has not been made with respect to such corporation, any item of loss or deduction of the S corporation included in Federal gross income pursuant to section 1366 of the Internal Revenue Code.
(b) Exception. A resident shareholder of an S corporation that cannot make the election provided for under section 660(a) of the Tax Law ( e.g., a foreign S corporation [ i.e., an S corporation that is not incorporated in New York State] that does not do business in New York State or an S corporation that is taxed under article 9 of the Tax Law), is not required to make the modification referred to in this paragraph.
(ii) In the case of an S termination year, subparagraph (i) of this paragraph shall apply to the amounts of loss or deduction determined under section 612(s) of the Tax Law (see section 112.12 of this Part).
(1)(i)#
(i)
(a) Where the election to be treated as a New York S corporation under section 660(a) of the Tax Law has not been made with respect to such corporation, any item of loss or deduction of the S corporation included in Federal gross income pursuant to section 1366 of the Internal Revenue Code.
(b) Exception. A resident shareholder of an S corporation that cannot make the election provided for under section 660(a) of the Tax Law ( e.g., a foreign S corporation [ i.e., an S corporation that is not incorporated in New York State] that does not do business in New York State or an S corporation that is taxed under article 9 of the Tax Law), is not required to make the modification referred to in this paragraph.
(2)The amounts referred to in clause ( a ) of subparagraph (i) and subparagraph (ii) of paragraph (1) of this subdivision are required to be added to Federal adjusted gross income in determining New York adjusted gross income in accordance wit#
(2) The amounts referred to in clause ( a ) of subparagraph (i) and subparagraph (ii) of paragraph (1) of this subdivision are required to be added to Federal adjusted gross income in determining New York adjusted gross income in accordance with section 612(b)(19) of the Tax Law.