N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-1.5

Current through Register Vol. 46, No. 36, September 4, 2024

Section 1-1.5 - Partnership and partner

Tax Law, section 2(6)

(a) The term "partnership" shall have the same meaning as set forth in IRC section 761(a) and 26 CFR section 1.761-1(a), whether or not the election provided for therein has been made. Also, the term "partnership" does not include a corporation within the meaning of section 1-1.2 of this Subpart.

(b) The term "partnership," unless the context requires otherwise, includes a limited liability company or other business entity classified as a partnership for Federal income tax purposes.

(c) The term "partner" shall have the same meaning as set forth in IRC section 761(b) and shall include a member of a limited liability company classified as a partnership for Federal income tax purposes.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 1-1.5

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023