Legislation

§ 618. New York taxable income of a resident estate or trust. The New York taxable income of a resident estate or trust means its federal taxable income as defined in the laws of the United States for the taxable year, with the following modifications: (2) There shall be subtracted the modifications described in paragraphs (4) and (5) of subsection (c) of section six hundred twelve, with respect to gains from the sale or other disposition of property, to the extent such gains are excluded from federal distributable net income of the estate or trust. (3) There shall be added or subtracted (as the case may be) the share of the estate or trust in the New York fiduciary adjustment determined under section six hundred nineteen. * (4) There shall be added or subtracted (as the case may be) the modifications described in paragraphs (6), (10), (17), (18), (19), (20), (21), (22), (23), (24), (25), (26), (27), (29), (38) and (39) of subsection (b) and in paragraphs (11), (13), (15), (19), (20), (21), (22), (23), (24), (25), (26) and (28) of subsection (c) of section six hundred twelve of this part. * NB Effective until ch. 782/88 expires * (4) There shall be added or subtracted (as the case may be) the modifications described in paragraphs (6), (10), (17), (18), (19), (20), (21), (22), (23), (24), (25), (26), (27), (28), (29), (38) and (39) of subsection (b) and in paragraphs (11), (13), (15), (19), (20), (21), (22), (23), (24), (25), (26) and (28) of subsection (c) of section six hundred twelve of this part. * NB Effective when ch. 782/88 expires (5) In the case of a trust, there shall be added the amount of any includible gain, reduced by any deductions properly allocable thereto, upon which tax is imposed for the taxable year pursuant to section six hundred forty-four of the internal revenue code.

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Rules

new_york_taxable_income_of_resident_estate_or_trust

Derived

source: NY Tax Law § 618

- name: new_york_taxable_income_of_resident_estate_or_trust
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: NY Tax Law § 618
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-ny/statute/TAX/618
            excerpt: New York taxable income of a resident estate or trust means its federal taxable income
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-ny/statute/TAX/618
            excerpt: >-
              There shall be subtracted the modifications described in paragraphs (4) and (5) of
              subsection (c) of section six hundred twelve
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-ny/statute/TAX/618
            excerpt: >-
              There shall be added or subtracted ... the share of the estate or trust in the New
              York fiduciary adjustment determined under section six hundred nineteen
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-ny/statute/TAX/618
            excerpt: >-
              There shall be added or subtracted ... the modifications described in ... section six
              hundred twelve
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-ny/statute/TAX/618
            excerpt: >-
              In the case of a trust, there shall be added the amount of any includible gain,
              reduced by any deductions properly allocable thereto
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        max(0, federal_taxable_income + new_york_fiduciary_adjustment_share_under_section_619 +
        resident_estate_or_trust_modifications_under_section_612 +
        includible_gain_taxed_under_internal_revenue_code_section_644_net_of_allocable_deductions -
        section_612_c_4_and_5_gain_modifications_excluded_from_federal_distributable_net_income)

▸citations (1)

References

This rule cites 1 other rule.

NY TAX § 618inferredNY › Statutes › Title TAX › § 618

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