New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter F - Tax On The Furnishing Of Utility Services
Part 45 - Gross Income
Section 45.11 - Profits from the sale of real property
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 45.11
Current through Register Vol. 46, No. 12, March 20, 2024
The law provides that there shall be included in gross income "profits from the sale of real property growing out of the ownership or use of or interest in such property".
Question 46:
A utility sold real property and incurred expenses for brokerage, advertising, etc., amounting to $5,000. Are such expenses deductible in determining profit? Answer: Yes.
Question 47:
A utility sells a long term lease on real property. Is the profit on such sale to be included in gross income? Answer: Yes.
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