Instructions For Form Nyc-204 -Partnership Return

Instructions for Form NYC-204 - 2010

Page 4

FORM NYC-221 - Underpayment of Esti-

No additional extension for filing a return will

Report the character of a partner’s share of in-

mated Unincorporated Business Tax will help

be granted beyond the six-month extension, un-

come, gains, losses and deductions from a part-

you determine if you have underpaid an esti-

less the taxpayer is outside the United States.

nership as if it were realized directly by the

mated tax installment and, if so, compute the

(Taxpayers outside the United States should

partner regardless of how the partner acquired

penalty due.

refer to 19 RCNY Section 28-18(c)(3) for ad-

its partnership interest and regardless of

ditional extensions.)

whether the partner’s share of such items is dis-

FORM NYC-399 - Schedule of New York City

proportionate to its interest in capital. The pre-

Depreciation Adjustments must be used to

WHERE TO FILE

ceding sentence does not apply to guaranteed

compute the allowable New York City depre-

payments or other payments to the partner

Returns with remittances:

ciation deduction if you claim the federal

treated as made to one who is not a partner for

ACRS or MACRS depreciation deduction for

NYC Department of Finance

federal income tax purposes, and does not af-

certain property placed in service after De-

P.O. Box 5040

fect the treatment of any item as being derived

cember 31, 1980.

See the instructions for

Kingston, NY 12402-5040

from an unincorporated business carried on in

Form NYC-399 and for line 14d of Schedule

the City by the partner.

Returns claiming refunds:

NYC Department of Finance

FEDERAL OR NEW YORK STATE

FORM NYC-399Z - Depreciation Adjustments

P.O. Box 5050

CHANGES

for Certain Post 9/10/01 Property may have to

Kingston, NY 12402-5050

If, on audit of the partnership return, the federal

be filed by taxpayers claiming depreciation de-

or New York State tax authorities change any

ductions for certain sport utility vehicles or

All others:

item of income or deduction reported to the In-

"qualified property," other than “qualified prop-

ternal Revenue Service or the New York State

erty” placed in service in the Resurgence Zone,

NYC Department of Finance

Department of Taxation and Finance, or an item

"qualified New York Liberty Zone property"

P.O. Box 5060

of income or deduction is changed as a result of

and "qualified New York Liberty Zone lease-

Kingston, NY 12402-5060

a renegotiation of a contract with the United

hold improvements" placed in service after Sep-

States or New York State, or the partnership exe-

tember 10, 2001 for federal or New York State

NOTE: If a Declaration of Estimated

cutes a consent and waiver of the restrictions to

tax purposes. See “Highlights of Recent Tax

Unincorporated Business Tax (Form NYC-

assessment under IRC section 6213(d) or NYS

Law Changes”, Finance Memorandum 09-5,

5UB) is being filed, DO NOT mail it to any ad-

Tax Law section 681(f), the partnership must re-

“Application of IRC§280F Limits to Sport Util-

dress listed here. It should be mailed to the

port the change to the Department of Finance

ity Vehicles” and instructions to NYC-399Z.

address indicated on Form NYC-5UB.

within 90 days. Form NYC-115 should be used

FORM NYC-CR-A - Commercial Rent Tax

for this purpose and may be obtained from the

ACCESSING NYC TAX FORMS

Annual Return must be filed by every tenant

sources listed in these instructions.

By Computer - Download forms from the

that rents premises for business purposes in

Form NYC-115 must be filed separately and

Manhattan south of the center line of 96th

Finance website at nyc.gov/finance

should not be attached to any return.

Street and whose annual or annualized rent for

By Phone - Order forms by calling 311. If

any premises is at least $200,000. (Effective

If an amended federal or New York State re-

calling from outside of the five NYC bor-

June 1, 2001).

turn is filed reflecting a change in distributable

oughs, please call 212-NEW-YORK (212-

FORM NYC-RPT - Real Property Transfer

income or in the partner’s distributive shares,

639-9675).

Tax Return must be filed when the partnership

an amended Unincorporated Business Tax re-

acquires or disposes of an interest in real prop-

turn must be filed within 90 days. Use Form

BUSINESS CARRIED ON BOTH

erty located in New York City, including a

NYC-204 to file an amended return and check

INSIDE AND OUTSIDE NEW YORK CITY

leasehold interest; when there is a partial or

the box on page 1.

If business is carried on both inside and outside

complete liquidation of the partnership that

New York City, a fair and equitable portion of the

ACCOUNTING PERIODS

owns or leases real property; or when there is

business income shall be allocated to New York

AND METHODS

transfer of a controlling economic interest in a

City.

The accounting period for which Form NYC-

partnership that owns or leases real property.

204 is filed and the method of accounting used

If the unincorporated business does not carry

are the same as for federal income tax pur-

WHEN TO FILE

on business both inside and outside of New

poses.

If a partnership’s taxable year or

Form NYC-204 is due on or before April 18,

York City, all of the business income shall be

method of accounting is changed for federal in-

2011, or, for fiscal year taxpayers, on or before

allocated to New York City. (Refer to the in-

come tax purposes, the change must also be

the 15th day of the fourth month following the

structions for Schedule E, Business Allocation

made for purposes of the Unincorporated Busi-

close of the taxable year.

Schedule.)

ness Tax.

If a partnership is terminated and completely

BUSINESS TERMINATED DURING

PENALTIES

liquidated during its normal taxable year, re-

TAXABLE YEAR

The law imposes penalties for failure to file a

sulting in an accounting period of less than 12

If the business was terminated during 2010, at-

return or to pay any tax when due, or for mak-

months for federal income tax purposes, the

tach a statement to Form NYC-204 showing

ing, rendering, signing, certifying or filing a

due date is the 15th day of the fourth month

disposition of the business property and how it

false or fraudulent return, or for making a false

following the end of the accounting period.

was reported on the return. Check the box

certification. The mere fact that the figures re-

marked final return on page 1 of the return.

An automatic extension of six months for filing

ported on Form NYC-204 are taken from the

this return will be allowed if, within the time

federal return will not relieve the partnership

USE OF FEDERAL FIGURES

prescribed for filing, the taxpayer files with the

from the imposition of penalties because of

Except where otherwise indicated, items of

Department of Finance Form NYC-EXT and

negligence or for filing a false or fraudulent re-

business income, gain, loss or deduction are to

pays the amount properly estimated as its tax.

turn.

be entered on the return as reportable for fed-

See the instructions for Form NYC-EXT for in-

eral tax purposes. All items reported on Form

formation regarding what constitutes a properly

TAX PREPARERS

NYC-204 derived from federal partnership re-

estimated tax for this purpose. Failure to pay a

Anyone who prepares a return for a fee must

turns are, however, subject to verification, audit

properly estimated amount will result in a de-

sign the return as a paid preparer and enter his

and revision by the Department of Finance.

nial of the extension.

or her Social Security Number or PTIN. In-

Instructions For Form Nyc-204 -Partnership Return - 2010 Page 5

Related Articles

Related forms

Related Categories