Form Tc201 Instructions For 2004 - Income And Expense Schedule For Rent Producing Properties - The Tax Commission Of The City Of New York

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THE TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 936, New York, NY 10007
TC201INS
2004
INCOME AND EXPENSE SCHEDULE
FOR RENT PRODUCING PROPERTIES
FORM TC201 INSTRUCTIONS FOR 2004
Attachment to application. The income and expense
must complete Part 4 of TC201 if the property is rented
schedule is an attachment to an application for
or offered for rent on January 5, 2004. Attach it to the
correction or supplemental application. It is not valid if
application, or submit it at the hearing with Form TC159.
submitted separately.
Applications on Form TC101,
Reporting year. A report covering the full calendar year
TC105, TC106 or TC109 must be filed by March 1,
ending on December 31, 2003, or full fiscal year ending
2004.
after July 31, 2003, is considered to be a current
Supplemental applications and affidavits.
For
statement. In many cases the Tax Commission requires
properties assessed for $750,000 or more and for
a current statement. Only a current statement satisfies
recently acquired properties, if a required schedule of
Finance Department RPIE requirements.
income and expenses was not available in time for
If the applicant uses a fiscal year for federal income tax
attachment to the original application form, it may be
purposes, the schedule may report income for the most
attached to Form TC150 and filed between March 2 and
recently ended fiscal year, as of a date six months prior
March 24 in 2004.
Form TC159 may be used at a
to the date the application is filed.
hearing to answer questions in Parts 3 and 4 which were
left incomplete on the originally submitted schedule.
If
a
current
statement
is
unavailable,
the
Tax
See the back page of Form TC159.
Commission will accept a statement for the calendar
year ending December 31, 2002, but only if the applicant
Who should use this form. Use Form TC201 to report
operated the property for all of 2002, does not use a
income and expenses from operation of a rental
fiscal year for federal income tax, and the 2004/05 actual
property. For example, an apartment building or a multi-
assessment is less than $750,000.
tenant commercial building. If the applicant leases the
entire property to an unrelated person, report the income
The form has space for figures for the year prior to the
and expenses on this form. For example, a vacant lot
reporting year.
The Tax Commission requests that
leased to a parking operator or a store building leased to
applicants provide this information, if available for the full
a single tenant.
year prior to the most current year.
A net lessor, leasing to a related lessee that occupies
Definitions. See the TC201 Glossary on a separate
the property, may use Form TC200, Part 5, instead of
sheet for definitions of terms and further information on
TC201. A net lessor, with a related lessee that sublets
completing TC201.
to unrelated tenants, must use TC201.
What income and expenses are to be reported.
Cooperatives must use Form TC203, hotels TC208, and
Report all income received or accrued by the applicant
a property used to operate a business such as a public
or related persons in connection with the property.
parking garage or department store TC214.
Report only actual operating expenses. Do not report
projections or reserves. Do not report payments to
TC201 Part 4 information. Nonresidential occupancy
related persons as expenses, unless disclosure is made
information may be reported line by line separately for
as directed in the TC201 Glossary.
specified floors or for the building as a whole. If reported
Income and expenses must be itemized as indicated in
separately line by line, each line totals 100% for the
Parts 6-9.
Failure to itemize makes the schedule
space on the floor(s). If reported as a whole, the area of
defective, and review will be denied.
each floor is a portion of the entire building area, and the
sum of the floor-by-floor subtotals in the right hand
Income from unrelated persons for exterior installations,
column equals 100% of the entire building area.
signage, or telecommunications equipment should be
Percentages must be provided; approximate gross area,
reported on line g.
Identify the source of income
in square feet, may also be provided.
reported on line g or line o of Part 6.
Income from
related persons must be segregated from other income
TC201 Part 4 information for certain applicants not
and listed only on line i of Part 6.
otherwise required to report rental income and
expenses.
An applicant who owned an income-
In reporting rental income in Part 6, where the accrual
producing property before January 1, 2004, but is not
basis is employed, and the reporting entity’s leases
required to report income and expenses for an
provide scheduled increases in rent, do not straight-line
application to be eligible for review under governing law,
1

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