Instructions For Form It-204 - Partnership Return - New York State Department Of Taxation And Finance - 2004 Page 7
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IT-204-
(2004) Page 7 of 12
then complete Part I of Form IT-399 to figure
were subject to federal tax, expenses incurred
purposes than for federal tax purposes
the New York depreciation to include on line
to acquire or maintain that income are
when sold;
10.
deductible in determining each partner’s
then include on line 10 the lesser of:
New York adjusted gross income.
S-2 Income tax refunds — If the
• the gain itself, or
partnership included in its federal ordinary
If you are including on line 9 income that is
• the difference in the adjusted basis.
income any refund or credit for overpayment
federally tax exempt but taxable to New York
S-11 Income earned before 1960 and
of any income tax (including the New York City
State, and if you incurred expenses during the
previously reported to New York State
unincorporated business tax), then include
tax year to either produce or collect that
Due to a different set of state income tax laws
that refund on line 10.
income or manage, conserve, or protect the
that applied to tax years ending before 1960
assets that produce that income, and if those
S-3 Interest income on U.S. government
(and any fiscal year ending during 1960),
expenses were not deductible for federal
bonds — Interest income on bonds or other
income that is reportable for federal purposes
purposes, then include those expenses on
obligations of the U.S. government is not
this year may have already been reported for
line 10.
taxed by New York. If the partnership included
New York purposes. This income is not subject
income from these obligations in its federal
S-8 Amortizable bond premiums on
to New York tax again.
ordinary income, then include that income on
bonds the interest on which is federally tax
If the partnership reported any income or gain
line 10.
exempt but taxable to New York State — If
on its federal return for this tax year (including
the income on these bonds would have been
S-4 Certain investment income from U.S.
annuity income) that was properly reported as
includable in federal ordinary income (not
government agencies — If the partnership
income on the New York State partnership
portfolio income) if it were subject to federal
included in its federal ordinary income any
return of this partnership for a tax year prior to
tax, then the amortizable bond premium on
interest or dividend income on bonds or
1960 (or a fiscal year ending in 1960), then
these bonds is deductible in determining each
securities of any United States authority or
include this income on line 10.
partner’s New York adjusted gross income.
commission or instrumentality that is exempt
S-12 Cost depletion — New York State
from state income taxes under federal laws,
If you included on line 9 interest income on
does not allow percentage depletion of natural
then include that income on line 10. If you are
bonds that is federally tax exempt but taxable
resource holdings (see A-9 on page 5) but
uncertain whether a particular federal bond or
to New York State, and if those bonds were
does allow cost depletion.
security is exempt from state income tax,
bought for more than their face value (that is,
contact the New York State Tax Department
at a premium), and if the amortizable bond
If you are making addition A-9 for any
(see Need help? on page 12).
premium on those bonds for the tax year was
percentage depletion deducted for federal
not deducted by the partnership for federal tax
purposes, then:
S-5 Certain investment income exempted
purposes, then include that amortization on
by other New York State laws — If the
• compute the cost depletion that would be
line 10.
partnership included in its federal ordinary
allowed on that property by IRC
income any interest or dividend income from
S-9 Wage and salary expenses allowed as
section 611, without any reference to either
any obligations or securities authorized to be
federal credits but not as federal expenses
section 613 or 613A of that code; and
issued by the laws of New York State, and if
The federal government allows certain wage
• include that amount on line 10.
that income is exempt from state taxation by
and salary payments to others to be taken as
those laws (such as income received from
credits against taxes instead of as expenses
S-13 Special depreciation expenditures
bonds, mortgages, and income debenture
against income. New York State does not have
The excess expenditures incurred in tax years
certificates of limited dividend housing
comparable credits, but does allow the
beginning before 1987 in connection with
corporations organized under the Private
expenses.
depreciable, tangible business property
Housing Finance Law), then include that
located in New York State may be carried over
If you are entitled to take either an Indian
income on line 10. If you are uncertain
to the following tax year or years and
employment credit, a work opportunity credit,
whether a particular obligation or security is
subtracted from the partner’s federal adjusted
or an empowerment zone employment credit
exempt from state income tax, contact the
gross incomes for that year(s) if those
for wages and salaries paid during the tax
New York State Tax Department (see Need
expenses exceeded your New York adjusted
year, then include the wage payments not
help? on page 12).
gross income before the allowance of those
deductible for federal purposes on line 10.
expenditures.
S-6 Interest expense on loans used to buy
S-10 Sales or dispositions of assets
federally tax exempt obligations that are
If the partnership incurred such expenditures,
acquired before 1960 with greater state
taxable to New York State — If income from
then complete Form IT-211, Special
than federal basis — When federally taxable
these obligations would have been includable
Depreciation Schedule , to determine the
gains are realized from the sale of certain
in the partnership’s federal ordinary income
amount to include on line 10.
assets that have higher adjusted basis for
(not portfolio income) if it was subject to
state tax purposes, subtraction adjustments
S-14 Gain to be subtracted from the sale
federal tax, then interest expense incurred to
must be made to reduce the gain for state tax
of a new business investment included in
buy those obligations is deductible by the
purposes. State income tax laws prior to 1960
federal income — If the partnership reported
partners in determining their New York
and currently existing state income tax laws
a capital gain on its federal income tax return
adjusted gross incomes.
about depletion can cause these differences in
from the sale of a new business investment
If you are including on line 9 interest income
adjusted basis.
that was issued to the partnership before 1988
from bonds or other obligations that are
and was held by the partnership for at least
If the partnership is reporting a gain for federal
federally tax exempt but taxable to New York
four years, then enter on line 10:
tax purposes that was from either:
State (see A-3 and A-4 on page 5), and if the
• if the investment was held at least four
• property that had a higher adjusted basis for
partnership incurred interest expense on loans
years but less than five years, 25% of that
New York State income tax purposes than
used to purchase those obligations that was
federal gain; or
for federal income tax purposes on
not deductible for federal purposes, then
• if the investment was held at least five years
December 31, 1959 (or on the last day of a
include that expense on line 10.
but less than six years, 50% of that federal
fiscal year ending during 1960); or
S-7 Expenses (other than interest
gain; or
• property that was held in connection with
expense) connected with federally tax
• if the investment was held at least six years,
mines, oil or gas wells, and other natural
exempt income that is taxable to New York
100% of that federal gain.
deposits and that had a higher adjusted
State — If this type of income would have
basis for New York State income tax
been includable in federal ordinary income if it
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