- 2 -
|
NYC-ATT-S-CORP - 2020 Page 2
SPECIFIC LINE INSTRUCTIONS
PART I of this form (unless limited by IRC §163(j) as pro-
vided below). If any investment interest expense
Line 4b - Complete this line only if you are subject was deducted on form 1120S, Schedule K, line 12b,
to IRC §163(j) (you are not a small business pur- such interest will be treated as business interest for
suant to IRC §163(j)(3) and not an excepted busi- the purposes of applying the limitation on interest
ness under IRC §163(j)(7)), whether or not the deductions pursuant to IRC section 163(j). Fill out
amount of interest expense deduction was limited and attach federal form 8990 as if the taxpayer had
by such section for Federal purposes. Enter here not made an election under subchapter S of the
the amount of interest, if any, deducted on 1120S, IRC. Note that for taxable years 2019 and 2020, the
page 1, line 13, as well as any other interest de- amount of interest deducted on this line must not in-
ducted on the federal return and reflected on any clude any deduction allowed by IRC §163(j)(10),
line in Part I of this form that would be subject to see Finance Memorandum 20-6. For more infor-
the Internal Revenue Code (“IRC”) section 163(j) mation on interest expense deductions, see Fi-
limitation if the taxpayer had not made an election nance Memorandum 18-11, Impact of IRC §163(j)
under subchapter S of the IRC. See the instruc- Limitation on Interest Attribution.
tions to line 17 for more details on interest expense
treatment. Line 19 - Enter here the amount from 1120S,
Schedule K, line 12d, as well as any other applica-
Line 9 - If the calculated value for line 9 is negative, ble deduction not otherwise taken on this form. In-
enter 0. cluded on this line should be the amounts of any
deductions that would have been allowed under
Line 10 - The capital loss carryover from prior IRC section 250(a)(1)(B)(i) if the taxpayer had not
years that may be used in the current tax year for made an election under subchapter S of the IRC as
City purposes. This amount may not exceed the well as the amount deductible under IRC section
value on line 9. Enter carryover loss as a positive 965(c). The deduction under IRC section
number. 250(a)(1)(B)(i) is reported on Part III, Line 29 of pro
forma Form 8993, which taxpayers must attach to
Line 11 - Subtract Line 10 from Line 9. their City return. Banking Corporation Tax filers
should also include on this line the amount of any
Line 13 - Enter on this line the amount from Sched- deductions that would have been allowed under
ule K line 10 of Form 1120S, as well as the amount, IRC section 250(a)(1)(A) if the taxpayer had not
if any, that the taxpayer would have been required made an election under subchapter S of the IRC.
to recognize under IRC § 951A (GILTI inclusion) if The deduction under IRC section 250(a)(1)(A) is re-
it had not made an election under subchapter S of ported on Part III, Line 28 of pro forma Form 8993.
the IRC. The GILTI inclusion amount is reported
on Part II, Line 5 of pro forma Form 8992, which PART III
taxpayers must attach to their City return.
Line 22 - Federal Taxable Income: Calculate the
PART II value of Part I, Line 14 minus Part II, Line 21 and
enter here and on Schedule B, Line 1 of your form
Line 16 - The charitable contribution deduction from NYC-1, NYC-3L, NYC-4S, or NYC-4SEZ. For
federal Form 1120S, Schedule K, line 12a may not members of a Combined Group included in an
exceed 10% of the sum of lines 1 through 12d (other NYC-3A, enter on Form NYC-3A, Schedule B Col-
than line 12a) of Schedule K, subject to any excep- umn A, line 1, if this form NYC-ATT-S-Corp is for
tion provided in the IRC with respect to C corpora- the reporting corporation. For any other member
tions. of the combined group, enter on Form NYC-3A/B,
Schedule B, line 1, in the column for this corpora-
Line 17 - If you are not subject to IRC §163(j), enter tion. If there is only one other member of the com-
on this line the amount from Schedule K, Line 12b bined group, enter on Form NYC-3A, Schedule B
of Form 1120S. Otherwise, enter on this line the Column B, line 1. For members of a Combined
total amount of interest deductions that would have Group included in an NYC-1A, this form NYC-ATT-
been allowed for federal purposes if the taxpayer S-CORP must be attached to the Form NYC-1 for
had not made an election under subchapter S of the each Subchapter S corporation included in the
IRC, including any amount added back on line 4b combined group.
|