Instructions For Form Nyc-114.7 - 1998
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1NYC-114.7 - 1998
Page 2
is “yes”, fill out a modified pro forma Form NYC-204, taking into
I
NSTRUCTIONS
account the modifications required at a, b, and c of the
instructions for line 6 above and recalculating your modified UBT
A person or entity subject to the Unincorporated Business Tax
liability without taking into account your distributive share of
(UBT) that is a partner in a partnership subject to the UBT may
income, gain, loss and deductions of, or guaranteed payments
claim a credit against its own UBT liability if the partner is
from, the distributing partnership with regard to which you are
required to include its distributive share of the income, gain, loss
claiming a credit on this form. Enter on line 7 the amount from
and deductions of, or guaranteed payments from, the partnership
the modified pro forma Form NYC-204, Schedule A, line 21.
in its own tax base. The credit is available only with respect to
taxes paid by the partnership for taxable years of the partnership
beginning on or after July 1, 1994 .
SCHEDULE C
LINE 1a
SCHEDULE A
Enter the total percentage interests in income and deductions for
LINE 1a
1996 of partners who were also partners in 1998.
Enter amount from Schedule B, line 9. If you are claiming credits
with respect to more than one partnership add the amounts on
LINE 1b
line 9 on all attached Schedules B and enter the sum on this line.
If the percentage of line 1a is equal to or greater than 80% enter
the total percentage interests in income and deductions for 1998
SCHEDULE B
of those partners who were partners in both 1996 and 1998. If the
percentage on line 1a is less than 80%, enter 0%.
LINE 2
If the distributing partnership has taken credits on its own Form
LINE 2a
NYC-204, line 22, 24a and 24b, enter the sum of the credits on
Enter the total percentage interests in income and deductions for
lines 22 and 24b, plus the credits on line 24a but only to the extent
1997 of partners who were also partners in 1998.
that the credits on line 24a do not reduce the distributing
LINE 2b
partnership’s unincorporated business tax below zero. The
If the percentage on line 2a is equal to or greater than 80% enter
amount entered on line 2 may not exceed the amount on line 21 of
the total percentage interests in income and deductions for 1998
the distributing partnership’s Form NYC-204.
of those partners who were partners in both 1997 and 1998. If the
LINE 4
percentage on line 2a is less than 80%, enter 0%.
Enter here the percentage of total distributive shares reported for
SCHEDULE D
you in column 4 of Schedule C of the distributing partnership's
Form NYC-204. Attach a copy of the distributing partnership’s
COLUMN A, LINE 1
Form NYC-204, Schedule C.
Enter on Column A, line 1 the amount from Schedule A, line 1a.
LINE 6
COLUMN B, LINE 1
If your answer to all of the following questions is “no”, enter on
Enter on Column B, line 1 the amount from Schedule A, line 2.
line 6, the amount from your Form NYC-204, Schedule A, line 21.
LINES 2 THROUGH 6
1. Did you claim an NOL deduction on line 11 of Schedule A of
Because no carryover of credits from years prior to 1996 is
your Form NYC-204?
permitted, do not enter any amounts on lines 2 through 6.
2. Was the sum of your net distributive share of income, gain,
loss, and deductions of, and guaranteed payments from, any
COLUMN A, LINE 7
unincorporated business less than zero (a “net loss
Enter amount from 1996 Form NYC-114.7 Schedule A, line 4.
distributive share”)?
COLUMN B, LINE 7
3. Was your unincorporated business taxable income less than
Enter the excess, if any, of the amount from Column B, line 1 over
zero before taking into account any distributive share or
the amount from Column A, line 1. If less than zero, enter zero.
guaranteed payments from any partnerships, or NOL
deduction (hereafter referred to as “separate UBTI”)?
COLUMN C, LINE 7
Enter the percentage from Schedule C, line 1b.
If your answer to any of these questions is yes, you must fill out a
modified Form NYC-204 on which you make the following
COLUMN D, LINE 7
adjustments:
Multiply the lesser of Column A, line 7 and Column B, line 7 by
the percentage from Column C, line 7.
a. Do not take into account any NOL carryforward or carryback;
b. Treat all “net loss distributive shares” as zero (see question 2);
COLUMN A, LINE 8
and
Enter amount from 1997 Form NYC-114.7, Schedule D, Column E,
line 1.
c. If your separate “UBTI” is less than zero, treat it as zero(see
question 3).
COLUMN B, LINE 8
Enter on line 6 the amount from the above described modified
Enter the excess if any of the amount from Column B, line 7, over
Form NYC-204, Schedule A, line 21 (hereafter referred to as the
the amount from Column A, line 7. If less than zero, enter zero.
“modified UBT liability”).
COLUMN C, LINE 8
LINE 7
Enter the percentage from Schedule C, line 2b.
If your answer to all three questions in the instructions for line 6
COLUMN D, LINE 8
is “no”, fill out a pro forma Form NYC-204 in which you calculate
Multiply the lesser of Column A, line 8 and Column B, line 8 by
your Unincorporated Business Tax liability without taking into
the percentage from Column C, line 8.
account your distributive share of income, gain, loss and
deductions of, or guaranteed payments from, the distributing
COLUMN E
partnership with regard to which you are claiming a credit on this
For each of lines 1, 7 and 8, enter the excess, if any, of the amount
form. Enter on line 7 the amount from the pro forma Form NYC-
in Column A over the amount in Column B. If less than zero,
204, Schedule A, line 21.
enter zero. This is the amount available as a carryover to 1999.
If your answer to any of the questions in the instructions for line 6
NYC - 114.7 1998
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