TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 936, New York, NY 10007
INCOME AND EXPENSE SCHEDULE FOR
COOPERATIVE AND CONDOMINIUM PROPERTY
FORM TC203 INSTRUCTIONS FOR 2008
Attachment to application. The income and expense
information cannot be obtained and is not material may be
schedule, Form TC203, is an attachment to an application for
granted review. For example, the sponsor holds fewer than
It is not valid if submitted separately.
10% of the units in a condominium or cooperative, or the
application must be filed by March 3. If Form TC203 is not
sponsor’s units are in a different tax class from the
available in time to attach to the original application, it must be
condominium units under review. In any event, the applicant
attached to a supplemental application, Form TC150, and filed
must state the number of units held by the sponsor.
from March 4 to 24, 2008.
Shares allocated to professional/non-residential space.
Who should use this form?
Use Form TC203 to report
The item in Part 5, as to the number of shares allocated to
income and expenses from operation of a residential or
professional or nonresidential units, may be completed and
commercial cooperative or a condominium. A cooperative is a
submitted, attached to Form TC159, at the hearing, if the
property operated by a corporation whose shareholders are
information is not available by March 3.
entitled to occupy a portion of the premises by virtue of their
Itemizing commercial and other income. In Part 8, rental
stock ownership. Form TC203 should be used for residential,
income from commercial space must be itemized by area, use
commercial and mixed-use condominium properties.
and by master or sponsor lease/direct lease. In Part 9, other
A corporation that operates the residential portion of a
income must be itemized. Total commercial rental and non-
condominium as a cooperative should use Form TC203.
rental income must be stated in Part 6 when TC203 is filed.
Part 8 and 9 may be completed and submitted, attached to
Form TC203 should not be used by a sponsor of a cooperative
Form TC159, at the hearing.
or condominium conversion who still holds all the units. If the
applicant operated the property as a rental last year, use Form
If it is shown at a hearing that the information required in Part 8
or 9 is not available and, even if available, would not be
material, review may be granted although the information is
What income and expenses are to be reported. Report all
For example, the information does not
operating income received or accrued by the cooperative or
matter because of the small amount of space or rent or
condominium entity in connection with the property. Report
proportion of value attributable to the commercial space. Be
only actual operating expenses. Do not report projections or
ready to support an estimate of market rental value for such
reserves. Income from unit owners must be segregated from
space; in the absence of itemization, an adverse inference will
outside income. Income from master leases of commercial
be made on its valuation.
space and leases with the sponsor or a related person must be
itemized in Part 8.
Do not straight-line lease rent. In reporting rental income in
Part 6 on the accrual basis, if the reporting entity’s leases
The Tax Commission will accept income and expense data
provide scheduled increases in rent, do not straight-line rental
from the year covered by the cooperative corporation’s or
income as may be required by Financial Accounting Standard
condominium’s most recently available financial statement, as
of January 15.
The data must be presented on Form TC203; a copy of the
improvements having a useful life of more than one year may
financial statement is not an acceptable substitute.
be included as other expenses in Part 7, if you itemize these
amortized costs on an attachment and the amount is amortized
The form has space for figures for the year prior to the
over the useful life of the item. Common area improvements
reporting year. The Tax Commission requests that applicants
include replacements of the existing building components,
provide this information, if available for the full year prior to the
major repairs, and installation of safety and health systems.
most current year.
Examples of replacement costs are replacements of boilers,
roofs, elevators, and residential kitchen appliances and
Sponsor information. Part 4 calls for information about units
cabinets. Examples of safety and health systems are brick
held by the sponsor or other holder of unsold units.
pointing, fire safety systems, and environmental remediation.
information must be provided to the best of the applicant’s
knowledge and must be the most recent information available
Related persons. Related persons include individuals related
from the sponsor. Part 4 may be completed and submitted,
by blood, marriage or adoption, individuals and the business
attached to Form TC159, at the hearing, if the information is
entities they control, business entities under common control,
not available by March 3.
The information must be more
and fiduciaries and the beneficiaries for whom they act. A
recent than September 29, 2007. By restating the information
person includes a corporation or other business entity.
on the Tax Commission form, the applicant attests based on
personal knowledge only that the source of the information is
Floor area. Where gross floor area is called for in Part 8, state
appropriate and is not contradicted by any other information in
the approximate gross floor area, to the best of your
the applicant’s possession. When available, a detailed rent roll
knowledge and ability.
The measurement should be from
of the unsold units may help support the applicant’s claim.
exterior wall to exterior wall for each floor.
Sources may include filings with the Attorney General or
DHCR, information supplied in connection with mortgage
Definitions. See TC201INS Glossary for definitions of terms.
applications or information disclosed in litigation against the
sponsor. However, an applicant who shows that the sponsor