Reporting whole dollar amounts.
(b) Reporting whole dollar amounts.
(1)If the amount of any item which must be shown on a New York State income tax return is not a whole dollar amount, the taxpayer may, if he so elects, report it as a whole dollar amount.#
(1) If the amount of any item which must be shown on a New York State income tax return is not a whole dollar amount, the taxpayer may, if he so elects, report it as a whole dollar amount. If he elects to do this, he must treat any part of a dollar in excess of 49 cents as a whole dollar, but may disregard any part of dollar not in excess of 49 cents. That is, if the exact amount is $1,234.50, he must report it as $1,235, but if the exact amount is $1,234.49, he may report it as $1,234.
(2)The election to use whole dollar amounts applies only to items which are required to be shown on a New York State income tax return; it may not be used in computing the amount of such items.#
(2) The election to use whole dollar amounts applies only to items which are required to be shown on a New York State income tax return; it may not be used in computing the amount of such items. For example, if the taxpayer is required to report on his New York State income tax return the total of 101 transactions, each of which produced income or gain of $10.49, the taxpayer may not disregard the extra 49 cents in each of these; the total income or gain derived from these transactions is $1,059.49, and the right of election to report whole dollar amounts permits the taxpayer to disregard only the 49 cents included in this total.