Form Nyc-324 - 2002 - Instructions

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Form NYC-324 - 2002 - Instructions
Page 2
1. Property acquired after December 31,
b) Effective with taxable years
Allocated income should be
1) tangible property
1965, and before January 1, 1968
beginning on or after January 1,
adjusted to reflect the total gain
depreciable under Section
(Section 11-604.3(d) of the
1968, no such deduction shall be
or loss, based on the amount of
167 of the Internal Revenue
Administrative Code):
allowed on tangible personal
the deduction allowed under this
Code;
property leased to any other
section. (Attach rider showing
a) At the election of the taxpayer, up
person or corporation.
computation.)
2) constructed or acquired after
to double the amount of federal
December 31, 1967;
depreciation on qualified tangible
c) Any unused optional depreciation
2
Property acquired after December
property, or, if the property is
deduction may be carried forward
3) located in New York City.
31, 1967 (Section 11-604.3(e) of the
used or to be used for research
to succeeding years. The amount
Administrative Code):
and development in the
of carryover is determined by
b) The total deductions for all
experimental or laboratory sense,
limiting taxable net income (Form
years, with respect to any item of
a) At the election of the taxpayer,
the amount of expenditures in
NYC-3L, Schedule B, line 30 or
property, may not exceed the
up to double the amount of
the taxable year, may be
Form NYC-1, Schedule B, line 37)
cost of such property multiplied
federal depreciation on qualified
deducted from allocated income
to zero.
by the business allocation
tangible property used in the
provided entire net income is
percentage of the first year
production of goods by
computed without any deduction
d) The total deductions for all years,
optional depreciation is claimed
manufacturing, processing,
for the depreciation of the same
with respect to any item of
on that item of property. After
assembling, refining, mining,
property or for such
property, may not exceed the cost
the allocated cost has been
extracting, farming, agriculture
expenditures. The original use of
of such property. After the entire
deducted, the amount of federal
or commercial fishing, or, if the
such property must commence
cost has been deducted, the
depreciation must continue to be
property is used or to be used
with the taxpayer in the City, and
amount of federal depreciation
added to the net income before
for research and development in
the property must be:
must continue to be added to the
allocation.
the experimental or laboratory
entire net income.
sense, the amount of
1) tangible property
c) Instructions 1b, 1c, 1e and 1f
expenditures in the taxable year,
depreciable under Section
e) The items listed in this schedule
apply also to property acquired
may be deducted from allocated
167 of the Internal Revenue
may be summarized in such form
after December 31, 1967.
income, provided entire net
Code;
as will present an accurate
income is computed without any
statement. Complete details
deduction for the depreciation of
2) constructed, reconstructed,
substantiating the amounts shown
the same property or for such
erected or acquired after
must be made available upon
expenditures. The original use
December 31, 1965, but
request.
of such property must
before January 1, 1968;
commence with the taxpayer in
f) Upon sale or disposition of such
the State and the property must
3)
located in New York City.
property, the amount of federal
be:
gain or loss must be disregarded.
NYC-324 - 2002

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