N.Y. Comp. Codes R. & Regs. tit. 20 § 3-2.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 3-2.5 - Use of dollar amounts in computing tax

(Tax Law, section 171(19))

(a) Any amount required to be included in a report may be entered at the nearest whole dollar amount. This does not apply to the items that must be taken into account in making the computations necessary to determine such amount. For example, each sale must be taken into account at its exact amount, including cents, in computing the amount to be included in the franchise tax report. However, the total amount to be included in the franchise tax report may be entered at the nearest whole dollar amount. A taxpayer may elect not to use whole dollar amounts by reporting all amounts in full, including cents.

(b) For the purpose of the computation to the nearest dollar, a fractional part of a dollar shall be disregarded unless it amounts to one-half dollar or more, in which case the amount (determined without regard to the fractional part of a dollar) shall be increased by one dollar.

(1) Example.

Exact amount	To be reported as
$500,000.49	$500,000.00
$500,000.50	$500,001.00
$500,000.51	$500,001.00

N.Y. Comp. Codes R. & Regs. Tit. 20 § 3-2.5

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