Form Tc203 - Income And Expense Schedule For Cooperative And Condominium Property - 2011


1 Centre Street, Room 936, New York, NY 10007
Attachment to application. The income and expense schedule,
information cannot be obtained and is not material may be granted
Form TC203, is an attachment to an application for correction. It is
review. For example, the sponsor holds fewer than 10% of the
units in a condominium or cooperative, or the sponsor’s units are in
not valid if submitted separately. The application must be filed by
March 1. If Form TC203 is not available in time to attach to the
a different tax class from the condominium units under review. In
original application, it must be attached to a supplemental
any event, the applicant must state the number of units held by the
application, Form TC150, and filed from March 2 to 24, 2011, if the
assessed value is $750,000 or more.
Shares allocated to professional/non-residential space. The
Who should use this form? Use Form TC203 to report income
item in Part 5, as to the number of shares allocated to professional
and expenses from operation of a residential or commercial
or nonresidential units, may be completed and submitted, attached
cooperative or a condominium.
A cooperative is a property
to Form TC159, at the hearing, if the information is not available by
operated by a corporation whose shareholders are entitled to
March 1.
occupy a portion of the premises by virtue of their stock ownership.
Itemizing commercial and other income. In Part 8, rental income
Form TC203 should be used for residential, commercial and mixed-
from commercial space must be itemized by area, use and by
use condominium properties and cooperative.
master or sponsor lease/direct lease. In Part 9, other income must
corporation that
the residential
portion of a
be itemized. Total commercial rental and non-rental income must
condominium as a cooperative should use Form TC203.
be stated in Part 6 when TC203 is filed. Part 8 and 9 may be
completed and submitted, attached to Form TC159, at the hearing.
Form TC203 should not be used by a sponsor of a cooperative or
condominium conversion who still holds all the units.
If the
If it is shown at a hearing that the information required in Part 8 or 9
applicant operated the property as a rental last year, use Form
is not available and, even if available, would not be material, review
may be granted although the information is generally required. For
example, the information does not matter because of the small
What income and expenses are to be reported.
Report all
amount of space or rent or proportion of value attributable to the
operating income received or accrued by the cooperative or
commercial space. Be ready to support an estimate of market
condominium entity in connection with the property. Report only
rental value for such space; in the absence of itemization, an
actual operating expenses. Do not report projections or reserves.
adverse inference will be made on its valuation.
Income from unit owners must be segregated from outside income.
Income from master leases of commercial space and leases with
Do not straight-line lease rent. In reporting rental income in Part
6 on the accrual basis, if the reporting entity’s leases provide
the sponsor or a related person must be itemized in Part 8. Income
and expenses should be reported to the nearest whole dollar
scheduled increases in rent, do not straight-line rental income as
may be required by Financial Accounting Standard No. 13.
The Tax Commission will accept income and expense data from
Amortized costs of common area improvements
having a useful life of more than one year may be included as other
condominium’s most recently available financial statement, as of
expenses in Part 7, if you itemize these amortized costs on an
January 15.
attachment and the amount is amortized over the useful life of the
item. Common area improvements include replacements of the
The data must be presented on Form TC203; a copy of the
existing building components, major repairs, and installation of
financial statement is not an acceptable substitute.
safety and health systems. Examples of replacement costs are
replacements of boilers, roofs, elevators, and residential kitchen
The form has space for figures for the year prior to the reporting
appliances and cabinets. Examples of safety and health systems
year. The Tax Commission requests that applicants provide this
are brick pointing, fire safety systems, and environmental
information, if available, for the full year prior to the most current
Related persons. Related persons include individuals related by
Sponsor information. Part 4 calls for information about units held
blood, marriage or adoption, individuals and the business entities
by the sponsor or other holder of unsold units. This information
they control, business entities under common control, and
must be provided to the best of the applicant’s knowledge and must
fiduciaries and the beneficiaries for whom they act.
A person
be the most recent information available from the sponsor. Part 4
includes a corporation or other business entity.
may be completed and submitted, attached to Form TC159, at the
hearing, if the information is not available by March 1.
Floor area. Where gross floor area is called for in Part 8, state the
information must be more recent than September 29, 2010. By
approximate gross floor area, to the best of your knowledge and
restating the information on the Tax Commission form, the
ability. The measurement should be from exterior wall to exterior
applicant attests based on personal knowledge only that the source
wall for each floor.
of the information is appropriate and is not contradicted by any
other information in the applicant’s possession. When available, a
Definitions. See TC201INS Glossary for definitions of terms.
detailed rent roll of the unsold units may help support the
applicant’s claim. Sources may include filings with the Attorney
General or DHCR, information supplied in connection with
mortgage applications or information disclosed in litigation against
the sponsor. However, an applicant who shows that the sponsor


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