Instructions For Form Nyc-97b - 2000 printable pdf download

Form NYC-9.7B - 2000

Page 2

INSTRUCTIONS

LINE 4

SCHEDULE C

A corporation subject to the Banking Corporation

Enter here the percentage of total distributive

Tax (BCT) that is a partner in a partnership that is

shares reported for you in column 4 of Schedule C

COLUMN A, LINE 1

subject to the Unincorporated Business Tax (UBT)

of the distributing partnership’s Form NYC-204.

Enter on Column A, line 1 the amount from

may claim a credit against its liability for the BCT if

Attach a copy of the distributing partnership’s

Schedule A, line 1a.

the corporation is required to include its distribu-

Form NYC-204, Schedule C. Attach taxpayer’s K-1

tive share of the income, gain, loss and deductions

from the distributing partnership.

COLUMN B, LINE 1

of, or guaranteed payments from, the partnership

Taxpayers liable for the basic tax enter on Column

LINE 6

in its own tax base subject to the BCT. The credit

B, line 1 the amount from Schedule A, line 4.

If your answer to both of the following questions is

is available only with respect to taxes paid by the

Taxpayers liable for the alternative tax enter on

“no,” enter on line 6 the amount from your NYC-1,

partnership for taxable years beginning on or after

Column B, line 1 the amount from Schedule A, line

or 1A, Schedule A, line 1.

July 1, 1994.

7 divided by .75. Taxpayers liable for the tax on

Was the sum of your net distributive share of

Taxable Assets or Capital Stock or the minimum

income, gain, loss, and deductions of, and

SCHEDULE A

tax, enter zero on Column B, line 1.

Taxpayers liable for the basic tax should fill out

guaranteed payments from, any unincorporat-

lines 1a through 4 of Schedule A. Taxpayers liable

ed business less than zero (a “net loss distrib-

LINES 2 THROUGH 4

for the alternative tax should fill out lines 1a

utive share”)?

Because no carryover of credits from years prior to

through 1c and lines 5 through 7 of Schedule A.

Was your entire net income less than zero

1996 is permitted, do not enter any amount on lines

Taxpayers liable for the tax on taxable assets or

before taking into account any distributive

2 through 4.

capital stock or for the fixed dollar minimum tax

share or guaranteed payments from any part-

may not take a credit in the current year but should

nerships (“separate ENI”)?

COLUMN A, LINE 5

fill out lines 1a through 1c of Schedule A.

Enter amount from 1999 Form NYC-9.7B Schedule

If your answer to either of these questions is “yes”,

C, Column C, line 6. This should be the amount of

you must fill out a modified NYC-1 or 1-A on which

LINE 1a

the carryforward from 1996 less the amount of the

you make the following adjustments:

Enter on line 1a, the amount from Schedule B, line

1996 credit carryover used in 1997, 1998 and 1999.

treat all net loss distributive shares as zero;

10. If you are claiming credits with respect to more

(see question 1) and

than one partnership, add the amounts on line 10

COLUMN B, LINE 5

if your separate ENI is less than zero, treat it

on all attached Schedules B and enter the sum on

Enter the excess, if any, of the amount from

as zero. (see question 2)

this line.

Column B, line 1, over the amount from Column A,

Enter on line 6 the amount from your modified

line 1. If less than zero, enter zero.

LINE 1b

Form NYC-1 or 1A, Schedule A, line 1. (“modified

Before completing Schedule A, line 1b you must

BCT liability.”) Attach modified form NYC-1 or

COLUMN A, LINE 6

have completed Schedule C, Column A.

NYC-1A.

Enter the amount from 1999 Form NYC-9.7B

Schedule C, Column C, line 7. This should be the

LINE 2

LINE 7

amount of the carryforward from 1997 less the

Enter the product of allocated entire net income

If your answer to BOTH questions in the instruc-

amount of the 1997 credit carryover used in 1998

and .09.

tions for line 6 is “no,” fill out a pro forma Form

and 1999.

NYC-1 or 1A in which you calculate your banking

LINE 3

corporation tax liability for the basic tax without

To account for the difference in tax rates between

COLUMN B, LINE 6

taking into account your distributive share of

the Unincorporated Business Tax and the Banking

Enter the excess if any, of the amount from

income, gain, loss and deductions of, or guaranteed

Corporation Tax, multiply line 2 by a fraction, the

Column B, line 5, over the amount from Column A,

payments from, the distributing partnership with

numerator of which is 4 and the denominator of

line 5. If less than zero, enter zero.

regard to which you are claiming a credit on this

which is 9.

form. Enter on line 7 the amount from the pro

COLUMN A, LINE 7

SCHEDULE B

forma Form NYC-1 or 1A, Schedule A, line 1.

Enter the amount from 1999 Form NYC-9.7B

The UBT Paid Credit may be “taken” only by a tax-

Attach pro forma Form NYC-1 or NYC-1A.

Schedule C, Column C, line 8.

payer in a year that it is actually liable for the basic

tax or for the alternative tax on alternative entire

If your answer to any of the questions in the

COLUMN B, LINE 7

net income. However, the UBT Paid Credit is

instructions for line 6 is “yes,” fill out a modified

Enter the excess, if any, of the amount from

“allowed” to banking corporations regardless of the

pro forma Form NYC-1 or 1A, taking into account

Column B, line 6, over the amount from Column A,

basis on which they are liable for the banking cor-

the modifications required at a and b of the instruc-

line 6. If less than zero, enter zero.

poration tax. The credit that is “allowed” is always

tions for line 6 above and recalculating your modi-

calculated as if the taxpayer were liable for the

fied BCT liability for the basic tax without taking

COLUMN A, LINE 8

basic tax on entire net income. The difference

into account your distributive share of income,

Enter the amount from 1999 Form NYC-9.7B

between the credit that is “allowed” and the credit

gain, loss and deductions of, or guaranteed pay-

Schedule C, Column C, line 1.

that may be “taken” is eligible to be carried forward

ments from, the distributing partnership with

for up to seven years. (See instructions for

regard to which you are claiming a credit on this

COLUMN B, LINE 8

Schedule C)

form. Enter on line 7 the amount from the modi-

Enter the excess, if any, of the amount from

fied pro forma Form NYC-1 or 1A, Schedule A, line

Column B, line 7, over the amount from Column A,

LINE 2

1. Attach modified pro-forma form NYC-1 or NYC-

line 7. If less than zero, enter zero.

If the distributing partnership has taken credits on

1A.

its own Form NYC-204, lines 22, 24a and 24b, enter

COLUMN C

on line 2 the sum of the credits on lines 22 and 24b,

LINE 9

For each of lines 1, 5, 6, 7 and 8, enter the excess, if

plus the credits on line 24a but only to the extent

To account for the difference in tax rates between

any, of the amount in Column A, over the amount

that the credits on line 24a do not reduce the dis-

the Unincorporated Business Tax and the Banking

in Column B. If less than zero, enter zero. This is

tributing partnership’s unincorporated business tax

Corporation Tax, multiply line 8 by a fraction, the

the amount available as a carryover to 2001.

below zero. The amount entered on line 2 may not

numerator of which is 4 and the denominator of

exceed the amount on Schedule A, line 21 on the

which is 9.

distributing partnership’s Form NYC-204.

NYC-9.7B 2000

Instructions For Form Nyc-97b - 2000

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