Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2004 Page 11
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IT-204-
(2004) Page 11 of 12
prorated to your nonresident period is limited
Special statutory limitations on partnership
If a partnership received from a nonresident
to the percentage of the distributive share of
agreements — Regardless of any provision in
individual partner Form IT-2658-E, Certificate
partnership income derived from or connected
the partnership agreement, a nonresident
of Exemption from Partnership or New York
S Corporation Estimated Tax Paid on Behalf of
with New York State sources.
partner is not permitted to treat as
non-New York income a greater proportion of
Nonresident Individual Partners and
Nonresident partners’ allocation — A
the partnership income than the percentage of
Shareholders, or received from a corporate
nonresident member of a partnership must
income of the partnership from non-New York
partner Form CT-2658-E, Certificate of
include in the partner’s individual New York
sources. In addition, the partner is not
Exemption from Partnership Estimated Tax
State income tax return the partner’s
permitted to claim a greater proportion of
Paid on Behalf of Corporate Partners, for tax
distributive share, for federal tax purposes, of
losses or deductions connected with New York
year 2004, please mark an X in the box in
items of partnership income, gain, loss,
sources than the partner’s share of losses or
column F. If the partner is a resident individual
deduction, and tax preference items derived
deductions generally.
partner, another partnership, or an estate or
from or connected with New York State
trust, leave column F blank.
sources that is (a) from real or tangible
The characterization in a partnership
Note: For partners that are a corporation or
personal property having an actual situs in
agreement of payments to nonresident
another partnership, do not complete
New York State, or (b) from a business, trade,
partners as salary, or as interest for the use of
column (D).
profession, or occupation carried on in
capital, does not affect the determination of
New York State.
whether such payments are derived from
Mark an X in the appropriate box in
New York sources.
column (E). The following definitions have
Enter in Part III the total items of partnership
been provided to help you determine which
income, gain, loss, and deduction determined
Nonresident partners must enter on their
box to mark, if any.
to be from New York. A partnership carrying on
individual returns the amount for adjusted
business in and out of New York State that
gross income items only determined from the
A New York State corporation is a corporation
maintains books and records from which the
partnership’s books and records or enter the
formed under the laws of New York.
New York income of the business can be
amount multiplied by the business allocation
A foreign corporation is a corporation formed
III
determined will enter in Part
the total
percentage from Schedule A, Part II, line 8, or
outside of New York.
amount of all nonresident partner’s distributive
the amount computed using an authorized
shares of partnership items derived from
alternate method.
A partnership, as defined in IRC section 761,
New York State sources as determined from
includes a syndicate, group, pool, joint
Show the total of all nonresident partners’
the books of account. However, amounts
venture, or other unincorporated organization
specifically allocated items on a separate
attributable to real property located in
through or by means of which any business,
schedule. Follow the same format used for
New York are 100% reportable by a
financial operation or venture is carried on,
Part III.
nonresident partner and amounts attributable
and which is not a corporation or an estate or
to real property located outside New York are
Line 59 — Is used to report the total itemized
trust.
not reportable by a nonresident partner
deductions. If itemized deductions are
An estate is a legal entity created to wind up
(attach computation). (See Special statutory
reported on line 59, they must be reported at
the decedent’s affairs, pay debts, expenses,
limitations on partnership agreements, below.)
100%. Attach a detailed schedule of these
and taxes, and ultimately distribute the
deductions.
A partnership carrying on business in and out
property and any accumulated income to
of New York State that does not maintain
Lines 60 and 61 — Enter the total amount of
those persons entitled to receive them.
books and records from which the New York
federal items of tax preference and New York
A trust is a legal arrangement whereby one
income can be determined will use the
adjustments allocated to New York.
party, the trustee(s), holds legal title to the
business allocation percentage computed in
property for the benefit of another party or
Submit a schedule listing the tax preference
Schedule A, Part II, line 8, or an authorized
parties, the beneficiaries.
items and New York adjustments derived from
alternate method, to determine the total of all
or connected with New York State sources.
nonresident partners’ shares of any item that
A single-member LLC (SMLLC) may choose
is derived from or connected with New York
to be taxed as a corporation or to be
Line 62 — See federal Form 1065 or 1065-B,
sources (with the exception of the real
disregarded as an entity for federal income tax
Schedule K for the amount of investment
property items).
purposes. If the LLC is disregarded and the
interest expense to be included on line 62.
single member is an individual, the LLC will be
This item must be reported at 100%.
Each partner’s share of the amount shown in
treated as a sole proprietorship for New York
Part III, Income and deductions allocated to
personal income tax purposes. If the LLC is
Instructions for Form IT-204-ATT
New York, for any item of income or deduction
disregarded and the single member is a
entering into the computation of total federal
Complete Form IT-204-ATT by entering the
corporation, the LLC will be considered part of
income must be included in the amount shown
legal name and employer identification number
the corporation for New York corporate
in the New York State amount column of
of the partnership as shown on Form IT-204.
franchise tax purposes, and Form IT-204-LL is
Form IT-203 and is part of the individual
In column (A), provide each partner’s name
not required to be filed.
nonresident partner’s total income from
and address as it appears on federal
New York sources.
This information must be completed for each
Schedule K-1. In the second column, (B)/(C),
partner who was a member of the partnership
enter the partner’s social security number or
Partnership deduction items not entering into
at any time during the tax year. However, if you
employer identification number, and the
the computation of federal adjusted income
are filing a return specifically because you
ownership percentage in the partnership.
are to be reflected on Form IT-203-ATT,
have a New York resident partner, you need
Round the percentage to two decimal places.
Income Allocation and Itemized Deduction,
only list the resident partners. See Specific
Mark an X in the applicable residency status
Schedule C, lines 1 through 14 as if the
instructions beginning on page 3. The number
box(es) in column (D). Use the partner’s
partner were a resident and would be 100%
of partners on Form IT-204-ATT may not
physical residence, not mailing address, in
reportable (providing the New York standard
necessarily agree with the number of partners
determining resident status. Mark an X in the
deduction is not claimed).
in the partnership.
box in column (E) to indicate the entity type of
each partner, if any.
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