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 3 - COMPUTATION OF TAX
Subpart 3-7 - CAPITAL LOSSES
Section 3-7.1 - New York investment capital gains or losses in taxable years beginning on or after January 1, 2015

Universal Citation: 20 NY Comp Codes Rules and Regs § 3-7.1

Current through Register Vol. 47, No. 12, March 26, 2025

(a) Definitions.

(1) "New York investment capital gains or losses" means the amount of Federal capital gains generated or losses sustained in taxable years beginning on or after January 1, 2015, that are attributable to investment capital.

(2) "New York net investment capital gain" means the amount of New York investment capital gains in excess of New York investment capital losses for the taxable year.

(3) "New York net investment capital loss" means the amount of New York investment capital losses in excess of New York investment capital gains for the taxable year.

(b) New York investment capital gains generated or losses sustained do not include any amount of Federal capital gains generated or losses sustained in a year in which a corporation is:

(1) not a taxpayer or a member of a New York combined group under article 9-A (an article 9-A New York non-filing year);

(2) a New York S corporation (a New York S year);

(3) a non-captive REIT (a non-captive REIT filing year);

(4) a non-captive RIC (a non-captive RIC filing year); or

(5) a captive insurance company that is not a combinable captive insurance company (a non-combinable captive insurance company filing year).

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