New York S Corp. tax return question

Technical topics regarding tax preparation.
#1
AmirK  
Posts:
133
Joined:
23-Apr-2014 10:40am
Location:
Texas
I am preparing a New York S Corp. tax return for 2018. The S Corp.is a Texas entity which must file in NY because it was a limited partner in a partnership that generated income in NY. I am wondering if I must use apportionment factor (based on the gross receipts) to apportion income/gains to the shareholders or, can allocate the distributive share of income of the partnership to the S Corp.’s shareholders. The allocation option seems to be suggested by New York Tax Law Section 632(a)(2) which states in part
there shall be included only the portion derived from or connected with New York sources of such shareholder's pro rata share of items of S corporation income, loss and deduction entering into his federal adjusted gross income

Your input is appreciated.
 

Return to Taxation



Who is online

Users browsing this forum: CoastalCPA, fatherof3, golfinz, Google [Bot], IDunnoItDepends, Joan TB, JoJoCPA, JR1, kyle242gt, ManVsTax, MAPCPA60, Nilodop, rkrcpa, TaxCut, TexasTaxCPA, Wiles and 202 guests