N.Y. Comp. Codes R. & Regs. tit. 20 § 4-2.2

Current through Register Vol. 46, No. 16, April 17, 2024

Section 4-2.2 - Net gains from the sale of real property

(Tax Law, section 210-A(2)(d))

(a) Net gains (not less than zero) from the sales of real property located in New York are included in New York receipts. Net gains (not less than zero) from sales of real property located within and without New York

State are included in everywhere receipts.

(b) For each sale of real property, the corporation must compute a gain or loss from the sale by subtracting its adjusted basis in the real property from the sale price of the real property. If the sale price exceeds the adjusted basis, the result is a gain. If the sale price is less than the adjusted basis, the result is a loss.

(c) To determine the amount of net gains from sales of real property to be included in the numerator and denominator of the BAF, the corporation first must subtract the sum of all losses computed under subdivision (b) of this section from the sum of all gains computed under subdivision (b). If the result is equal to or less than zero, no amount is included in New York receipts and everywhere receipts. If the total amount of net gains (not less than zero) from sales of real property located in New York exceeds the net gains (not less than zero) from sales of real property located within and without New York State, the amount included in New York receipts is limited to the amount included in everywhere receipts.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 4-2.2

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