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Instructions for Form NYC-204 - 2022 Page 9
tion used in computing, part 1, line 12. (Refer to amount of any additions, such as: exempt income, such as:
instructions for line 19.) (Attach Form NYC-399 1) interest income on United States obligations
and/or NYC-399Z.) 1) interest income on state and local bonds
held in connection with the business (other included in computing part 1, line 12;
than on bonds of New York State and its po-
Line 14d: Exempt Activities. Deductions and losses 2) interest or dividend income on bonds or se-
litical subdivisions)
attributable to activities not considered part of an curities of any United States authority, com-
unincorporated business must be added back. See 2) interest or dividend income on bonds or se- mission or instrumentality included in
“Who is Subject to the Tax”. Add back losses, in- curities, held in connection with the business, computing part 1, line 12 but exempt from
terest, depreciation and any other expenses deducted of any United States authority, commission state or local income taxes under United
for federal income tax purposes directly or indirectly or instrumentality that the laws of the United States law; or
attributable to the holding, leasing or managing of States exempt from federal income tax but 3) interest or dividend income on bonds or se-
real property (including any business conducted at not from state or local income taxes curities to the extent exempt from income
the property as an incidental service to tenants) or
to the income or gain therefrom, if such holding, 3) royalty and interest payments made to re- tax under New York laws authorizing the is-
leasing or managing of property is exempt from Un- lated members as required by Ad. Code sec- suance of these bonds or securities, but in-
incorporated Business Tax under NYC Administra- tion 11-506(e). (See Royalty Payments to cluded in computing part 1, line 12.
tive Code Section 11-502(d) in taxable years Related Members, page 3)
beginning on or after July 1, 1994 or January 1, LINE 21 - DIVIDENDS
1996, in the case of parking services rendered to ten- 4) any other additions required by Sections 11- Enter 50% of dividends other than dividends
ants at a garage open to the public. (Refer to “Who 506 and 11-507 of the NYC Administrative from stocks not meeting the holding period re-
is Subject to the Tax”, paragraph 6.) Code. (Attach any appropriate schedules.) quirement set forth in IRC Section 246(c).
LINE 22 - EXEMPT ACTIVITIES
Add back losses, interest or other expenses de- - SUBTRACTIONS - Subtract income or gain includible in gross income
ducted for federal income tax purposes directly LINE 17 - INCOME AND UNINCORPO- for federal income tax purposes from the holding,
or indirectly attributable to notional principal RATED BUSINESS TAX REFUNDS leasing or managing of real property (including any
contracts, the holding, sale, disposition, assump- Enter any refund or credit for the overpayment of business conducted at the property as an incidental
tion, offset or termination of a position in prop- any income tax to the extent included in comput- service to tenants) if such holding, leasing or man-
erty as defined in Admin. Code §11-502(c)(1) ing part 1, line 10. aging of property is not subject to Unincorporated
(A), or other substantially similar losses from or-
dinary and routine trading or investment activity LINE 18 - FEDERAL EMPLOYMENT Business Tax under NYC Administrative Code Sec-
as determined by the Commissioner, realized in CREDIT tion 11-502(d) (Refer to “Who is Subject to the
Tax”, paragraph 6.)
connection with certain investment activities to Enter the portion of wages and salaries paid or
the extent such activities are considered exempt incurred for the taxable year for which a deduc- Subtract income or gain includible in gross in-
from the Unincorporated Business Tax. Refer to tion is not allowed pursuant to the provisions of come for federal income tax purposes, including
“Who is Subject to the Tax”, Paragraph 5. Section 280C of the Internal Revenue Code. (At- dividends, interest, income attributable to secu-
tach federal Form 5884 or any other applicable rities loans, notional principal contracts, the
In the case of a taxpayer that qualifies for the par- federal forms.) holding, sale, disposition, assumption, offset or
tial investment exemption (see: “Who is Subject termination of a position in property as defined
to the Tax”, paragraph 5), add back losses, inter- LINE 19 - DEPRECIATION in Admin. Code §11-502(2) (1) (A), or other sub-
est or other expenses deducted for federal income ADJUSTMENT stantially similar income from ordinary and rou-
tax purposes directly or indirectly attributable to If a taxpayer took the additional depreciation de- tine trading or investment activity as determined
the sale or other disposition of an interest in an- duction on its federal return with respect to “qual- by the Commissioner, realized in connection with
other unincorporated entity to the extent attribut- ified property” OTHER THAN “qualified certain investment activities to the extent such
able to activities of that entity covered by the Resurgence Zone property”, “qualified New York activities are considered exempt from the Unin-
taxpayer’s partial exemption. Liberty Zone property” and “qualified New York corporated Business Tax. (Refer to: “Who is
Liberty Zone leasehold improvements or SUVs for Subject to the Tax”, paragraph 5.)
LINE 15 - OTHER ADDITIONS which an addback was required under the instruc-
If you have received a distributive share of in- tions to Line 14(c) of this schedule, use NYC-399Z In the case of a taxpayer that qualifies for the par-
vestment or business loss or deductions from any to calculate the amount of the deduction that may tial investment exemption (see: “Who is Subject
partnership, other than a mobile telecommunica- be deducted for City purposes. The amount ap- to the Tax”, paragraph 5), subtract income or
tions partnership as described below, add back pearing in column B of line 8 on Form NYC-399Z gain includible in gross income for federal in-
here any distributive share amounts of such loss should be included on this line. See “Highlights of come tax purposes realized from the sale or other
or deductions included in calculating the amount Recent Tax Law Changes”, and Finance Memo- disposition of an interest in another unincorpo-
on line 12 of this schedule and not previously randum 22-1, “Application of IRC §280F Limits rated entity to the extent attributable to activities
added back on line 11. NOTE: A corresponding to Sport Utility Vehicles” for more information. of that entity covered by the taxpayer’s partial ex-
subtraction may have to be made on Schedule A, emption.
line 3b or 7b. See instructions for those lines. In place of the disallowed ACRS deduction for
LINE 23 - OTHER SUBTRACTIONS
Mobile Telecommunications Partnerships. For certain property, line 14c, a depreciation deduc-
tax years beginning on or after August 1, 2002, tion computed by any method permitted under If you have received a distributive share of busi-
partnerships that are partners in partnerships that IRC Section 167 as in effect on December 31, ness or investment income or gains from any
receive at least eighty percent of their gross re- 1980, will be allowed. Enter on line 19 the partnership, other than a utility partnership as de-
ceipts from providing mobile telecommunications ACRS adjustment from Form NYC-399, Sched- scribed below, subtract here any distributive
services should add back here any distributive ule C, line 8B. (Attach Form NYC-399.) (See in- share amounts of such income or gains included
share of losses or deductions from any such part- structions for line 14c and Finance Memorandum in calculating the amount on line 12 of this
nership, including their share of separately re- 99-4 “Depreciation for Property Placed in Serv- schedule and not previously subtracted on line
ported items included in calculating the amount ice Outside New York After 1984 and Before 11. NOTE: A corresponding addback may have
on line 1 of this schedule. There is no correspon- 1994”.) to be made on Schedule A, line 3b or 7b. See in-
structions for those lines.
ding subtraction on Schedule A for these amounts. LINE 20 - EXEMPT INCOME
Utility Partnerships. For tax years beginning on
Describe in a separate schedule the nature and Attach a schedule showing nature and amount of
or after August 1, 2002, partnerships that are part-
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