Instructions For Form Nyc-204 -Partnership Return

Instructions for Form NYC-204 - 2010

Page 6

ending in or after 2002, unless the taxpayer at-

LINE 21 -

TAX BEFORE UBT PAID

EXAMPLE

taches a statement to this return indicating that

CREDIT

If the partnership carried on business for

the taxpayer intends to carry back the first

Enter on line 21 the Unincorporated Business

a full 9 months, the exemption amount to

$10,000 of the current year's loss for either 2 or

Tax due before applying the UBT paid credit. If

be entered on line 15 is $3,750.03 (9

5 years, the taxpayer is presumed to have

the credit on line 20 equals the tax shown on line

months X $416.67 per full month).

elected to relinquish the entire carryback pe-

19, enter “0” on line 21.

riod.

If the partnership carried on business for

LINE 22 - UBT PAID CREDIT

263 days, the exemption amount to be en-

If the taxpayer elects to carry back the first

Enter on line 22 the credit against the Unin-

tered on line 15 is $3,603.10 (263 days X

$10,000 of the loss, any excess net operating

corporated Business Tax paid by partnerships

$13.70 per day).

loss may be carried forward as if the taxpayer

from which you receive a distributive share or

had elected to relinquish the entire carryback

guaranteed payment that you include in unin-

Taxpayers filing a short period return

period for all but the first $10,000 of the loss.

corporated business taxable income. (Attach

should fill in the dates at the top of page 1 of

Form NYC-114.7, UBT Paid Credit.)

the return and prorate the specific exemp-

Losses that are not permitted to be carried back

tion as described above.

may be carried forward and used to offset in-

LINE 23 - UNINCORPORATED

come for the period permitted for Federal Tax

BUSINESS TAX

LINE 16 - TAXABLE INCOME

purposes, 20 years for losses from years be-

If the balance is less than zero, enter “0.”

If line 16 is a loss refer to the instructions for

ginning after 8/5/97.

Schedule A, line 10.

LINE 24a - OTHER CREDITS

If a “carryback” results in an overpayment of a

Enter on line 24a credits against the unincor-

prior year’s tax, a claim for refund should be

LINE 18 - SALES AND USE

porated business tax for:

TAX ADDBACK

filed within the limitation period prescribed by

law. This claim should be accompanied by a

This item relates to the unincorporated business

relocation and employment assistance

tax credit for sales and compensating use tax

copy of Form NYC-204 filed for the taxable

program (REAP) credit. (Refer to in-

year for which the refund is claimed and a de-

paid on certain machinery, equipment and serv-

structions on Form NYC-114.5.) (Attach

tailed statement of the computation.

ices (NYC Administrative Code Sections 11-

form.)

503(d) and 11-503(k)). If the taxpayer received

LINE 11 - NEW YORK CITY NET

sales and compensating use taxes. (Refer

a refund or credit in 2010 of such sales or com-

OPERATING LOSS DEDUCTION

pensating use tax for which it claimed an unin-

to instructions on Form NYC-114.5 and

If the partnership had an unincorporated busi-

instructions for line 14 of this schedule.)

corporated business tax credit in a prior tax

ness net operating loss in a prior year any part

(Attach form.)

period, the amount of such refund or credit must

of which may be carried over to 2010, the

be added back on line 18. A corresponding ad-

NOTE: this credit may only be taken for

amount claimed for 2010 should be entered on

justment is to be made on line 18 of Schedule B,

sales tax paid, if any, in the current year on

line 11 after completing Schedule F, line 1.

part 2. (Refer to instructions for line 18 of

eligible purchases in prior years.

(Refer to instructions for Schedule F.)

Schedule B, part 2.)

LINE 24b - REAL ESTATE TAX ESCALA-

LINE 13 - ALLOWANCE FOR ACTIVE

LINE 20- BUSINESS TAX CREDIT

TION, INDUSTRIAL BUSINESS ZONE

PARTNERS’ SERVICES

If the amount entered on line 19 is $5,400 or

AND EMPLOYMENT OPPORTUNITY

A deduction may be claimed for reasonable

over, no credit is allowable; enter “0” on

RELOCATION COSTS CREDITS

compensation for personal services rendered

line 20.

(Refer to instructions on Form NYC-114.6,

by the partners. The allowable deduction is:

If the amount entered on line 19 is $3,400

Claim for Credit Applied to Unincorporated

20% of line 12, or

Business Tax.) (Attach form.)

or less, your credit is the entire amount of

tax on line 19. No tax will be due.

$10,000 for each active partner,

LINE 24c - LOWER MANHATTAN RELO-

If the amount of tax entered on line 19 ex-

CATION AND EMPLOYMENT ASSIS-

whichever is lower. If line 12 is a loss, enter

ceeds $3,400 but is less than $5,400, a credit

TANCE PROGRAM (LMREAP) CREDIT

“0” on line 13. This deduction is not depend-

is allowed in the amount determined by

Refer to instructions on Form NYC-114.8 and

ent on amounts actually withdrawn by the part-

attach form.

multiplying the tax on line 19 by a fraction,

ners as salaries and is in lieu of any deduction

the numerator of which is $5,400 minus the

for salaries credited or paid to or withdrawn by

LINE 24d - MADE IN NYC FILM

amount of the tax on line 19 and the de-

them. Enter in the box provided on line 13 the

PRODUCTION CREDIT

nominator of which is $2,000. Use the fol-

number of partners actively engaged in the

Refer to instructions on Form NYC-114.9 and

lowing formula:

business.

attach form.

LINE 15 - SPECIFIC EXEMPTION

FORMULA

LINE 24e - BIOTECHNOLOGY CREDIT

A specific exemption of $5,000 is allowed

Refer to instructions on Form NYC-114.10 and

amount

business

on line 19 x ($5,400 - tax on line 19) =

against net income reported on line 14. If more

tax credit

attach form.

$2,000

than one business was carried on by the partner-

ship, only one exemption of $5,000 is allowed

LINE 26 - PAYMENT OF

EXAMPLE

against the combined net income derived from all

ESTIMATED TAX

If the tax on line 19 is $3,900, the business

business activities.

Enter on line 26 the sum of all payments of es-

tax credit is calculated as follows:

timated tax made for calendar year 2010 or fis-

The specific exemption of $5,000 must be pro-

cal year beginning in 2010 including carryover

1) $3,900 X ($5,400 - $3,900) = $2,925

rated on a $13.70 daily basis if the business

credit from the preceding taxable year, and

$2,000

was carried on for a period of less than a full

payment with extension, NYC-EXT. Complete

taxable year of 12 months, unless the business

table on page 3 of this return.

2) Enter $2,925 on line 20

was carried on and the returns filed for a num-

ber of whole months. In that case, the prora-

3) Enter $975 ($3,900 - $2,925) on line 21

LINE 29a - LATE PAYMENT/INTEREST

tion is $416.67 per month.

(Unincorporated Business Tax).

If the tax is not paid on or before the due date (de-

Instructions For Form Nyc-204 -Partnership Return - 2010 Page 7

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