The modification with reference to an annuity applies where in prior years a larger part of the annuity payments were taxable under former article 16 of the Tax Law than were taxable for Federal income tax purposes.
(1) The modification with reference to an annuity applies where in prior years a larger part of the annuity payments were taxable under former article 16 of the Tax Law than were taxable for Federal income tax purposes. In such a case, the taxpayer, each year, may subtract from Federal adjusted gross income whatever amount is includible therein as income from such annuity until the aggregate of the amounts so subtracted equals the excess amount previously taxed under former article 16 of the Tax Law. Other modifications referred to in this section exclude from Federal adjusted gross income various types of income and gain which meet the following conditions:
(i)The item was previously taxed under former article 16 of the Tax Law to the taxpayer or to the trust, estate or decedent, from whom the taxpayer acquired the right to such item of income or gain.#
(i) The item was previously taxed under former article 16 of the Tax Law to the taxpayer or to the trust, estate or decedent, from whom the taxpayer acquired the right to such item of income or gain.
(ii)The item was properly included in Federal adjusted gross income for the current year.#
(ii) The item was properly included in Federal adjusted gross income for the current year.