S corporation distributions not included in a shareholder's Federal adjusted gross income because of the application of the following sections of the Internal Revenue Code:
(1) S corporation distributions not included in a shareholder's Federal adjusted gross income because of the application of the following sections of the Internal Revenue Code:
(i)section 1368, relating to distributions of property made with respect to an S corporation's stock;#
(i) section 1368, relating to distributions of property made with respect to an S corporation's stock;
(ii)section 1371(e), relating to cash distributions during a post-termination transition period; and#
(ii) section 1371(e), relating to cash distributions during a post-termination transition period; and
(iii)section 1379(c), relating to transitional rules for distributions of undistributed taxable income; to the extent any of the above distributions represent income not previously subject to the New York State personal income tax because the el#
(iii) section 1379(c), relating to transitional rules for distributions of undistributed taxable income; to the extent any of the above distributions represent income not previously subject to the New York State personal income tax because the election to be treated as a New York S corporation under section 660(a) of the Tax Law had not been made.