N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-1.11
Current through Register Vol. 46, No. 36, September 4, 2024
Tax Law, section 208(4)
(a) The term "stock" means an interest in a corporation that is treated as equity for Federal income tax purposes. The definition includes corporate equity instruments similar to stocks, such as the following: business trust certificates; units in publicly traded partnerships included in the definition of "corporation" in section 208(1); shares of a RIC; and shares in a REIT.(b) An interest in a corporation will be deemed to be treated as equity for Federal income tax purposes under this section if such interest would be treated as equity, rather than debt, based upon relevant Federal guidance and court decisions, and upon all surrounding facts and circumstances.(c) Generally, the determination of the Internal Revenue Service as to whether an instrument is equity will be followed, but such determination is not binding on the commissioner.N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-1.11
Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023