N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 3-7.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 3-7.3 - Capital losses sustained in taxable years beginning before January 1, 2015

(a) Except as provided in subdivisions (b) and (c) of this section, a corporation subject to tax under article 9-A or article 32, or a member of a combined group subject to tax under article 9-A or article 32, that sustained a Federal net capital loss under IRC section 1212 in a taxable year beginning before January 1, 2015, shall carry back and forward such Federal net capital loss as required by this Subpart and section 18-2.5(b) of Subchapter B of this Chapter, as such provisions existed on December 31, 2014.

(b) The carryover of any amount of a Federal net capital loss that was sustained in a taxable year beginning before January 1, 2015, to a taxable year beginning after December 31, 2014, shall be governed by this Subpart.

(c) Any Federal net capital loss available for carryforward as of the end of the last taxable year beginning before January 1, 2015, shall be deemed to be a New York net business capital loss (regardless of whether such capital loss was from business capital, investment capital, or subsidiary capital as such terms were previously defined in article 9-A regulations or, to the extent relevant, article 32 regulations as such regulations existed on December 31, 2014). Such New York net business capital loss shall be carried forward to the next succeeding taxable year beginning on or after January 1, 2015, and must be applied only against New York business capital gains. Such New York net business capital loss may only be carried forward to the 5 taxable years immediately succeeding the loss year and nothing in this Subpart extends this capital loss carryforward period.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 3-7.3

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