N.Y. Comp. Codes R. & Regs. tit. 20 § 132.9

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

Section 132.9 - Income, gain, loss or deduction with respect to New York Insurance Exchange

Tax Law, § 632(b)(5)

In the case of a nonresident individual or partner of a partnership doing an insurance business as a member of the New York Insurance Exchange, as described in subsection (b) of section 6201 of the Insurance Law:

(a) any item of income or gain of such business which is the nonresident individual's or partner's distributive or pro rata share for Federal income tax purposes or which the nonresident individual or partner is required to take into account separately for Federal income tax purposes does not constitute income or gain derived from New York State sources; and

(b) any item of loss or deduction of such business which is the nonresident individual's or partner's distributive or pro rata share for Federal income tax purposes, or which the nonresident individual or partner is required to take into account separately for Federal income tax purposes, does not constitute a loss or deduction derived from New York State sources.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 132.9