Form Nyc-206 - City Of New York Nonresident Fiduciary Earnings Tax Return (1998) Page 3
Download a blank fillable Form Nyc-206 - City Of New York Nonresident Fiduciary Earnings Tax Return (1998) in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Nyc-206 - City Of New York Nonresident Fiduciary Earnings Tax Return (1998) with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3NYC-206 (1998) (back)
Instructions (continued)
If New York City net earnings cannot be determined
If a trust changed its residence to or from New York City during its taxable
from the books and records, make the allocation by
year, or if an estate or trust had a taxable period of less than one year,
multiplying total net earnings from self-employment by
then that estate or trust has to prorate its allowable exclusion. To do this,
the average of the following three percentages:
count any period of more than one-half month as a full month; do not
count any period of one-half month or less. Then use the Exclusion Table
1. The property percentage is computed by dividing
below to find the amount of the estate’s or trust’s allowable exclusion.
(a) the average value of real and tangible personal
property connected with net earnings from
self-employment and located in New York City, by (b)
Exclusion Table (for lines 2 and 10)
the average value of all real and tangible personal
property connected with the net earnings from
Total of Wages and Net Earnings* (sum of lines 1 and 5)
self-employment and located both in and out of the
over
but not over
over
but not over
over
but not over
city. Include both owned and rented real property.
No. of months of city of
New York nonresidence or of
$ 0
$10,000
$10,000
$20,000
$20,000
$30,000
short taxable year
The average value of the property is determined by (1)
adding its adjusted basis at the beginning of the
12
$3,000
$2,000
$1,000
taxable year to its adjusted basis at the end of the
11
2,750
1,833
917
taxable year and (2) dividing by two.
10
2,500
1,667
833
2. The payroll percentage is computed by dividing (a) the total wages,
salaries and other personal service compensation paid or incurred during
9
2,250
1,500
750
the taxable year to employees in connection with the net earnings from
8
2,000
1,333
667
self-employment derived from a trade or business carried on in New York
7
1,750
1,167
583
City, by (b) the total of all wages, salaries and other personal service
compensation paid or incurred during the taxable year to employees in
6
1,500
1,000
500
connection with the net earnings from self-employment derived from a
5
1,250
833
417
trade or business carried on both in and out of the city.
4
1,000
667
333
3. The gross income percentage is computed by dividing (a) the gross
sales or charges for services performed by or through an agency located
3
750
500
250
in New York City, by (b) the total of all gross sales or charges for services
2
500
333
167
performed in and out of the city. Allocate to New York City all sales
negotiated or consummated, and charges for services performed by an
1
250
167
83
employee, agent, agency, or independent contractor chiefly situated at,
* If the total of wages and net earnings exceeds $30,000 for the year,
connected by contract or otherwise with, or sent out from, offices or other
there is no exclusion amount.
agencies of the trade or business situated in the city and from which the
estate or trust is deriving net earnings from self-employment.
Line 5 Net earnings from self-employment — Net earnings from
Special rule for real estate
self-employment is also defined in the fiduciary income tax return
packet, IT-205-P, under City Nonresident Fiduciary Earnings Tax . Enter
Income and deductions from the rental of real property and gain and loss
the net earnings for the taxable year. This is the amount reported on
from the sale, exchange or other disposition of real property are not
federal Form 1040, Schedule SE, Self-Employment Tax , Section A, line 4
subject to allocation but are considered entirely derived from or connected
or Section B, line 4c, minus the deduction for wages or salaries paid or
with the place where the property is located.
incurred for the taxable year that was disallowed according to section 280C
of the Internal Revenue Code (IRC). See the preceding instructions if
Calculation of Earnings Tax
allocation is required. Attach a detailed statement showing the computation
The estate or trust is not liable for New York City earnings tax on
of the net earnings, including the gross income from the underlying trade
nonresidents in an amount greater than it would be required to pay if it
or business and the deductions prescribed in section 1402(a) of the IRC.
were a New York City resident estate or trust subject to tax on personal
income of resident estates or trusts. Use Form IT-205 and instructions to
Line 6 — Enter any amount included on line 5 that was paid or
determine the tax liability as if a resident estate or trust.
permanently set aside for charitable purposes in accordance with section
642(c) of the IRC.
Example: If the estate or trust had losses that entered into the
computation of its taxable income computed as if a resident, or if it would
Line 8 — Enter any amount included on line 5 that was distributed or
qualify to claim any city of New York tax credits when computing its tax as
distributable to New York City residents in accordance with sections 651 or
if a resident, then the city tax computed as a resident may be lower than
661 of the IRC.
the actual city of New York nonresident earnings tax computed. The
fiduciary would therefore be allowed to pay the amount of tax computed as
Line 10 Allowable exclusion — See the instructions for line 2 of this form
a city resident. If the amount of tax computed as a New York City resident
and use the Exclusion Table above to figure the estate’s or trust’s allowable
is less than its New York City nonresident earnings tax, attach a separate
exclusion.
schedule to Form NYC-206 showing the computation. Enter the computed
New York City resident tax on line 13 of Form NYC-206.
Line 13 Total nonresident earnings tax — Add lines 4 and 12. Enter the
Line 1 Gross wages and other employee compensation — The
total on line 13 and on New York State Form IT-205, line 24. Attach
definitions of wages and other employee compensation are in the
Form NYC-206 to the back of Form IT-205.
fiduciary income tax return packet, IT-205-P, under City Nonresident
Fiduciary Earnings Tax . Enter on line 1 the wages or other employee
compensation earned during the taxable year. See the preceding
Privacy Notification
instructions if allocation is required.
The right of the Commissioner of Taxation and Finance and the Department of Taxation and
Finance to collect and maintain personal information, including mandatory disclosure of
Line 2 Allowable exclusion — The estate or trust is allowed an exclusion
social security numbers in the manner required by tax regulations, instructions, and forms, is
against the total wages and net earnings from self-employment received
found in Articles 22, 26, 26-A, 26-B, 30, 30-A, and 30-B of the Tax Law; Article 2-E of the
during the taxable year. Use the Exclusion Table on this page to figure the
General City Law; and 42 USC 405(c)(2)(C)(i).
amount of the exclusion.
The Tax Department will use this information primarily to determine and administer tax
If the estate or trust had only wages during the taxable year, enter the
liabilities due the state and city of New York and the city of Yonkers. We will also use this
allowable exclusion on line 2.
information for certain tax offset and exchange of tax information programs authorized by
law, and for any other purpose authorized by law.
If the estate or trust had only net earnings from self-employment, enter the
allowable exclusion on line 10.
Information concerning quarterly wages paid to employees and identified by unique random
If the estate or trust had both wages on line 1 and net earnings from
identifying code numbers to preserve the privacy of the employees’ names and social
self-employment on line 9 during the taxable year, prorate the exclusion
security numbers will be provided to certain state agencies for research purposes to
evaluate the effectiveness of certain employment and training programs.
and enter the amount to be excluded from wages on line 2 and the amount
to be excluded from net earnings from self-employment on line 10. For
Failure to provide the required information may result in civil or criminal penalties, or both,
example, if an estate or a full year nonresident trust had wages of $15,000
under the Tax Law.
and net earnings from self-employment of $5,000, the total income of
$20,000 would entitle it to an exclusion of $2,000. Since the wages are
This information will be maintained by the Director of the Registration and Data Services
75% of the total income, the estate or trust would enter 75% of the $2,000
Bureau, NYS Tax Department, Building 8 Room 924, W A Harriman Campus, Albany NY
exclusion ($1,500) on line 2. It would then enter the remainder of the
12227; telephone 1 800 225-5829. From areas outside the U.S. and outside Canada, call
exclusion ($500) on line 10.
(518) 485-6800.
062894
This is a scannable form; please file this original return with the Tax Department.
NYC-206
1998
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial