New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter A - Business Corporation Franchise Tax
Part 1 - IMPOSITION OF TAX
Subpart 1-1 - DEFINITIONS
Section 1-1.5 - Partnership and partner

Universal Citation: 20 NY Comp Codes Rules and Regs ยง 1-1.5

Current through Register Vol. 46, No. 12, March 20, 2024

Tax Law, section 2(6)

(a) The term "partnership" shall have the same meaning as set forth in IRC section 761(a) and 26 CFR section 1.761-1(a), whether or not the election provided for therein has been made. Also, the term "partnership" does not include a corporation within the meaning of section 1-1.2 of this Subpart.

(b) The term "partnership," unless the context requires otherwise, includes a limited liability company or other business entity classified as a partnership for Federal income tax purposes.

(c) The term "partner" shall have the same meaning as set forth in IRC section 761(b) and shall include a member of a limited liability company classified as a partnership for Federal income tax purposes.

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