Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2003 Page 6
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Page 6 of 12 IT-204-
(2003)
but exempt from New York State tax,
gross incomes because that amount had
the payments were deducted in figuring
then include that expense on line 9.
been reinvested by the partnership in a new
federal ordinary income. (For more
New York business, and if that reinvestment
information, see Tax Law section 612(r)).
(b) If the partnership’s ordinary income
was sold in the current tax year, then
includes a deduction for the
If the partnership included a deduction for
include on line 9 the amount that had
amortization of bond premiums on
certain royalty payments, or certain interest
previously been subtracted.
bonds whose interest income is taxable
payments made during the tax year in
for federal purposes but exempt from
A-11 Deductions attributable to safe
figuring its federal ordinary income, then
New York State tax, then include that
harbor leases (such a lease is a financial
include the deduction on line 9.
interest expense on line 9.
arrangement between either a corporation,
A-16 IRC section 168(k) property
(c) If the partnership’s ordinary income
partnership, or certain grantor trusts and a
depreciation — New York State does not
includes a deduction for expenses
person, firm, estate, or trust to acquire and
follow the federal depreciation for IRC
related to the production for income that
use an asset; the arrangement is allowed
section 168(k) property (except for
is taxable for federal purposes but
for federal tax purposes, but is not allowed
resurgence zone property, and New York
exempt from New York State tax, then
for state purposes unless it involves mass
liberty zone property described in IRC
include that interest expense on line 9.
transit vehicles) — If in figuring its federal
section 1400L(b)(2)) placed in service
ordinary income, the partnership took
A-6 Special additional mortgage
inside or outside New York State on or after
deductions attributable to a safe harbor
recording tax deduction — If the
June 1, 2003.
lease (except for mass transit vehicles)
partnership excluded or deducted special
made under an election provided for by
If the partnership claimed a depreciation
additional mortgage recording tax in
section 168(f)(8) of the IRC as it was in
deduction for property under IRC
figuring its federal ordinary income, and the
effect for agreements entered into prior to
section 168(k), (except for resurgence zone
partners were previously allowed a
January 1, 1984, then include those
property, and New York liberty zone
New York State credit for that tax on their
deductions on line 9. Also see A-12, S-15,
property described in IRC
personal income tax returns, then include
and S-16.
section 1400L(b)(2)) on your federal
on line 9 the amount that was excluded or
Form 1065, then the partnership must
deducted.
A-12 Safe harbor leases; election for
complete Part
I
of Form IT-398, New York
qualified leased property (see A-11 above
State Depreciation Schedule for IRC
A-7 Special additional mortgage
for definition of safe harbor leases) — If the
recording tax basis adjustment — If
Section 168(k) Property, to determine the
partnership’s financial matters for the
property on which you paid the special
amount to include on line 9 and attach it to
current tax year involved a safe harbor
additional mortgage recording tax is sold or
Form IT-204.
lease (except for mass transit vehicles)
disposed of, and the partners claimed the
made under an election provided for by
A-17 Sport utility vehicle expense
New York State credit in a prior year for the
section 168(f)(8) of the IRC as it was in
deduction — If the partnership, in
special additional mortgage recording tax
effect for agreements entered into prior to
computing its federal ordinary income
paid on that property, and the federal basis
January 1, 1984, then include on line 9 the
claimed an IRC section 179 deduction with
of the property was not adjusted to reflect
income that the partnership would have
respect to an SUV that weighs more than
the amount of credit allowed, then include
included in its federal ordinary income if
6000 pounds, then include the amount of
on line 9 the amount of the basis that was
such election had not been made. Also see
that deduction on line 9.
not adjusted for the amount of the credit
A-11, S-15, and S-16.
claimed.
A sport utility vehicle means any four-wheeled
A-13 Accelerated cost recovery
passenger vehicle manufactured primarily for
A-8 Special depreciation — If the
property; year of disposition adjustment
use on public streets, roads, and highways.
partnership made an election for tax years
If the partnership disposed of property
However, sport utility vehicle does not include
beginning before 1987 for:
which was depreciated for federal purposes
(1) any ambulance, hearse, or combination
• special depreciation (see Form IT-211),
using ACRS, and if ACRS depreciation was
ambulance-hearse used by a partnership
not allowed for state purposes (see A-2 on
• research and development expenditures,
directly in a trade or business; (2) any vehicle
page 5), then the partnership must
used by a partnership directly in the trade or
• waste treatment facility expenditures,
complete Part
II
of Form IT-399 to figure
business of transporting persons or property
• air pollution control equipment
the amount, if any, to include on line 9.
for compensation or hire; or (3) any truck,
expenditures, or
van, or motor home. A truck is defined as any
A-14 Qualified emerging technology
• acid deposition control equipment,
vehicle that has a primary load-carrying
investments (QETI) — If the partnership
device or container attached, or is equipped
then include on line 9 the depreciation or
elected to defer the gain from the sale of
with an open cargo area or covered box not
expenditure related to these items that was
QETI, then the partnership must include on
readily accessible from the passenger
deducted for federal tax purposes. See
line 9 the amount previously deferred when
compartment.
subtraction S-13.
the reinvestment in the qualified emerging
technology company which qualified the
Note: If a partner is an eligible farmer for
A-9 Percentage depletion — If the
partnership for that deferral is sold. See
purposes of the farmers’ school tax credit,
partnership claimed a deduction on its
subtraction S-18 on page 8.
the partner is not required to make their
federal return for percentage depletion on
share of the A-17 addition modification.
mines, oil and gas wells, and other natural
A-15 Royalty and interest payments
deposits, then include on line 9 the
made to a related member or
A-18 Amount of IRC section 168(k)
deduction. See subtraction S-12.
members — For tax years beginning on or
property deduction which is less than
after January 1, 2003, a partnership may be
the depreciation claimed for New York
A-10 New business investment;
required to add back certain royalty
State (year of disposition adjustment)
deferral recognition — If in any tax year
payments made during the tax year to a
If the partnership disposed of IRC
beginning on or after January 1, 1982, and
related member or members for the use of
section 168(k) property (except for
before 1988, the partners chose to subtract
intangible property, such as trademarks or
resurgence zone property, and New York
all or a portion of a partnership long-term
patents, and interest payments made to a
liberty zone property described in IRC
capital gain from their federal adjusted
related member or members, to the extent
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