Rules for use of alternate method of attributing modifications.
(b) Rules for use of alternate method of attributing modifications.
(1)A fiduciary using this method must file a schedule setting out the information provided in subdivision (d) of this section as part of the New York fiduciary return (form IT-205).#
(1) A fiduciary using this method must file a schedule setting out the information provided in subdivision (d) of this section as part of the New York fiduciary return (form IT-205).
(2)If a estate or trust has more than one modification which qualifies for allocation under this section, the alternate attribution method described herein may be used only if the fiduciary elects to apply it to all such qualifying modificatio#
(2) If a estate or trust has more than one modification which qualifies for allocation under this section, the alternate attribution method described herein may be used only if the fiduciary elects to apply it to all such qualifying modifications.
(3)Discretion to use the method set forth in this section vests solely in the fiduciary.#
(3) Discretion to use the method set forth in this section vests solely in the fiduciary. Use of the method by the fiduciary for any taxable year is binding upon all beneficiaries (including remaindermen) of the estate or trust and no such beneficiary may use any method of attribution which has not been properly used by the fiduciary.
(4)An election by the fiduciary to use the alternate method provided herein for any taxable year is effective only for that year and may be revoked only with the permission of the Tax Commission upon such terms and conditions as the commission#
(4) An election by the fiduciary to use the alternate method provided herein for any taxable year is effective only for that year and may be revoked only with the permission of the Tax Commission upon such terms and conditions as the commission may prescribe.