Form Nyc-204ez - Unincorporated Business Tax Return For Partnerships - 2004 Page 2

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Form NYC-204EZ - 2004

Page 2

INSTRUCTIONS

TABLE OF MAXIMUM TOTAL ALLOWED INCOME FROM BUSINESS

NUMBER OF MONTHS

MAXIMUM TOTAL

IN BUSINESS

INCOME FROM BUSINESS

Check the box marked "yes" on this form if you claim any of the following

If total income from business

1 ...............................$45,416

benefits on your federal return: (i) bonus depreciation or a deduction under

2 ...............................$45,833

is more than $50,000,

IRC §179 for property in the NY Liberty Zone or Resurgence Zone, whether

3 ...............................$46,250

or not you file form NYC-399Z, (ii) a jobs credit for NY Liberty Zone

4 ...............................$46,667

you must use Form NYC-204

5 ...............................$47,083

employees, or (iii) IRC §1033 treatment for property converted due to the

6 ...............................$47,500

attacks on the World Trade Center. Attach Federal forms 4562, 4684, 4797

7 ...............................$47,917

and 8884 to this return.

See instructions for Form NYC 204, Sch. B, lines

8 ...............................$48,333

FIFTEEN OR MORE CALENDAR

14d, 19 and 20.

9 ...............................$48,750

10 ..............................$49,167

DAYS CONSTITUTES ONE MONTH

11 ..............................$49,583

Line 2.

Enter the net amount of the partners' distributive shares of income

12 ..............................$50,000

and deduction items not included in line 1 but required to be

reported separately on federal Form 1065. Attach a schedule.

Line 3.

Enter the amount of income and unincorporated business taxes imposed by New York City, New York State or any other taxing jurisdiction that was

deducted in computing the amounts on lines 1 or 2. Attach a schedule.

Line 5.

Enter on this line the amount included in line 4 that represents the net income or net loss from an activity that is not an unincorporated business carried on

by the taxpayer wholly or partly in the City. See Instructions for Form NYC-204 "Who is Subject to the Tax." For this purpose:

(i) exclude the income or loss of an entity, other than a dealer as defined in Ad. Code §11-501(1), that, for its own account, engaged solely in the

purchase, holding or sale of property, transactions in positions in property, or the acquisition, holding or disposition, other than in the ordinary course of

business, of interests in other unincorporated entities that are themselves engaged solely in the foregoing activities. NOTE: entities receiving $25,000

or less of gross receipts from other activities may still be eligible for this exclusion. Ad. Code §11-502(c)(3). However, entities eligible for the partial self-

trading exemption under Ad. Code §11-502(c)(4) are not eligible for this exclusion and may not use this form.

(ii) for taxable years beginning on or after July 1, 1994, exclude the income, gain or loss from real property held to produce rental income or from the

disposition of such property by an entity, other than a dealer. Also exclude income or loss from a business conducted at the property solely for the

benefit of tenants at the property that is not open to the public, and eligible income from parking services rendered to tenants. See Ad. Code §11-

502(d).

(iii) exclude the income or loss from any separate and distinct activity carried on wholly outside of New York City.

(iv) for tax years beginning on or after August 1, 2002, exclude all of the federal taxable income of partnerships that receive 80% or more of their gross

receipts from charges for the provision of mobile telecommunications services to customers and exclude a partner's distributive share of income, gains,

losses and deductions from any partnership subject to tax under Ad. Code Title II, Ch. II as a “utility” as defined in Ad. Code section 11-1101(6),

including its share of separately reported items. See Form NYC-204 Instructions "Highlights of Recent Tax Law Changes".

Line 7.

A deduction may be claimed for reasonable compensation for personal services rendered by the partners. The allowable deduction is the lower of (i) 20%

of line 6 (if greater than zero) or (ii) $5000 for each active partner.

Preparer Authorization: If you want to allow the Department of Finance to discuss your return with the paid preparer who signed it, you must check the "yes" box in the signature

area of the return. This authorization applies only to the individual whose signature appears in the "Preparer's Use Only" section of your return. It does not apply to the firm, if any,

shown in that section. By checking the "Yes" box, you are authorizing the Department of Finance to call the preparer to answer any questions that may arise during the processing of

your return. Also, you are authorizing the preparer to:

Give the Department any information missing from your return,

Call the Department for information about the processing of your return or the status of your refund or payment(s), and

Respond to certain notices that you have shared with the preparer about math errors, offsets, and return preparation. The notices will not be sent to the preparer.

You are not authorizing the preparer to receive any refund check, bind you to anything (including any additional tax liability), or otherwise represent you before the Department.

The authorization cannot be revoked, however, the authorization will automatically expire no later than the due date (without regard to any extensions) for filing next year's return.

Failure to check the box will be deemed a denial of authority.

ADDITIONAL REQUIRED INFORMATION

The following information must be entered for this return to be complete.

1. Did you file a Form NYC-204 in 2002? ....................................................................................................

YES

2. Did you file a Form NYC-204 in 2003? ....................................................................................................

YES

3. At any time during the taxable year, did the partnership have an interest in real property

(including a leasehold interest) located in NYC or in an entity owning such real property? .....................

YES

4. If "YES" to 3:

a) Was there a partial or complete liquidation of the partnership? .........................................................

YES

b) Was 50% or more of the partnership interests transferred in the last 3 years or according to a plan? .............

YES

5. If "YES" to 4a or 4b, was a Real Property Transfer Tax Return filed? ......................................................

YES

6. If "NO" to 5, explain: ________________________________________________________________________________

________________________________________________________________________________

PRIVACY ACT NOTIFICATION

The Federal Privacy Act of 1974, as amended, requires agencies requesting Social Security Numbers to inform individuals from whom they seek this information as to whether

compliance with the request is voluntary or mandatory, why the request is being made and how the information will be used. The disclosure of Social Security Numbers for

taxpayers is mandatory and is required by section 11-102.1 of the Administrative Code of the City of New York. Such numbers disclosed on any report or return are requested

for tax administration purposes and will be used to facilitate the processing of tax returns and to establish and maintain a uniform system for identifying taxpayers who are or

may be subject to taxes administered and collected by the Department of Finance, and, as may be required by law, or when the taxpayer gives written authorization to the

Department of Finance for another department, person, agency or entity to have access (limited or otherwise) to the information contained in his or her return.

MAILING INSTRUCTIONS

The due date for calendar year 2004 is on or before April 15, 2005.

RETURNS CLAIMING REFUNDS

ALL OTHER RETURNS

For fiscal years beginning in 2004 file by the 15th day of the

fourth month following the close of the fiscal year.

NYC DEPT. OF FINANCE

P.O. BOX 5050

P.O. BOX 5060

To receive proper credit, you must enter your correct Employer

KINGSTON, NY 12402-5050

KINGSTON, NY 12402-5060