Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2003 Page 11
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IT-204-
(2003) Page 11 of 12
For more information concerning qualified
If the partnership continues to own the
appropriate allocation method as explained
agricultural property, see Publication 51,
property after the conversion, and the
in the following section.
Questions and Answers on New York
converted property is included as part of
Part-year resident partners — If you were
State’s Farmers’ School Tax Credit.
the total school tax bill, the partnership may
a partner and changed your New York
allocate the taxes to the converted property
Line 47 — Qualified conservation property
resident status during the tax year, you
on the basis of the amount of acreage
is acreage that, during the tax year, is
must prorate your distributive share of
converted to the total acreage covered by
enrolled in or participating in a federal
partnership income according to the
the tax bill.
environmental conservation acreage
number of days in your resident and
reserve program under Title III of the
If the converted property is sold, the closing
nonresident periods. The portion prorated
Federal Agricultural Improvement and
documents will show the amount of school
to your nonresident period is limited to the
Reform Act of 1996.
taxes reimbursed to the partnership by the
percentage of the distributive share of
buyer. The partnership must reduce its
partnership income derived from or
Line 48 — If the partnership paid eligible
current year’s eligible taxes paid by the
connected with New York State sources.
taxes on qualified agricultural property
amount of these reimbursed taxes.
during the tax year, enter the total amount
Nonresident partners’ allocation — A
paid on line 48. If the partnership was a
For more information concerning eligible
nonresident member of a partnership must
partner in another partnership or the
taxes, see Publication 51, Questions and
include in the partner’s individual New York
beneficiary of an estate or trust that paid
Answers on New York State’s Farmers’
State income tax return the partner’s
eligible taxes during the year, also include
School Tax Credit.
distributive share, for federal tax purposes,
on line 48 the partnership’s share of eligible
of items of partnership income, gain, loss,
Line 49 — If the partnership owned
taxes paid by the other partnership or
deduction, and tax preference items
qualified agricultural property during tax
estate or trust.
derived from or connected with New York
year 2002, and all or part of that property
State sources that is (a) from real or
Eligible taxes are real property taxes levied
was converted to nonqualified use during
tangible personal property having an actual
by a school district on qualified agricultural
tax year 2003, enter the number of acres of
situs in New York State, or (b) from a
property owned by the partnership. Real
qualified agricultural property converted to
business, trade, profession, or occupation
property taxes levied by towns, villages,
nonqualified use. For the definition of
carried on in New York State.
cities, or their municipal governments are
conversion to nonqualified use, see
not eligible taxes. Eligible taxes include
page 10.
Enter in Part III the total items of
school district taxes paid on qualified
partnership income, gain, loss, and
Part
III
— Income and deductions
property which the partnership owns but
deduction determined to be from New York.
allocated to New York
rents to someone else. However, eligible
A partnership carrying on business in and
taxes do not include school district taxes
out of New York State that maintains books
If the income from the partnership is all
paid on qualified agricultural property the
and records from which the New York
from New York sources, do not complete
partnership rents from someone else, even
income of the business can be determined
III
Schedule B, Part
. You must complete
if the rental agreement provides that the
will enter in Part
III
the total amount of all
III
Part
if the partnership conducts
partnership must actually pay the taxes.
nonresident partner’s distributive shares of
business in and out of New York State and
partnership items derived from New York
the partnership’s allocation percentage to
Real property taxes levied by a school
State sources as determined from the
New York State is less than 100%.
district include all property taxes, special ad
books of account. However, amounts
valorem levies, and special assessments
Corporate partners — In order to
attributable to real property located in
levied by a school district. Also included are
determine their New York State corporation
New York are 100% reportable by a
taxes levied by a school district for the
franchise tax liabilities, corporate partners
nonresident partner and amounts
support of local libraries. Penalties and
in your partnership will also need to know
attributable to real property located outside
interest are not included.
the New York State rules for their share of
New York are not reportable by a
your property, receipts, payroll, investment
nonresident partner (attach computation).
If the partnership owns both qualified
capital assets and investment capital
(See Special statutory limitations on
agricultural property and nonqualified
liabilities. Such rules can be found in
partnership agreements, on page 12.)
agricultural property, and it receives only
Form CT-3/4-I, Instructions for Forms CT-4,
one school tax bill for all the property, it
A partnership carrying on business in and
CT-3, and CT-3-ATT.
must apportion the total school taxes paid
out of New York State that does not
between the qualified and nonqualified
Enter in this section the total amount of
maintain books and records from which the
property based upon the values of the
federal partnership income, gain, loss, and
New York income can be determined will
property. The local assessor may be able to
deduction that is allocated to New York.
use the business allocation percentage
tell you the value of your qualified and
computed in Schedule A, Part II, line 8, or
The federal items of income, gain, loss, and
nonqualified property. If the assessor is
an authorized alternate method, to
deduction as shown on federal Form 1065
unable to provide this information, the
determine the total of all nonresident
or 1065-B, Schedule K are allocated to
partnership may use any other reasonable
partners’ shares of any item that is derived
New York using the business allocation
method, such as basing the value on the
from or connected with New York sources
percentage from line 8, or the separate
recent sale price of similar property in the
(with the exception of the real property
book method. Do not include in the
area, to determine the value. In either case,
items).
allocation any items of real property.
the partnership should keep records to
substantiate the allocation.
Each partner’s share of the amount shown
You must enter the total amount of each
in Part III, Income and deductions allocated
item of income and deduction allocated to
Do not include on line 48 school taxes
to New York, for any item of income or
New York in the Allocated New York
paid on property converted to nonqualified
deduction entering into the computation of
amounts column.
use during the year. (See Conversion to
total federal income must be included in the
nonqualified use on page 10.)
The total nonresident partners’ New York
amount shown in the New York State
amounts are computed using the
amount column of Form IT-203 and is part
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