Form Y-204 - Yonkers Nonresident Partner Allocation - 2015 Page 2
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1
2Instructions
Y-204 (2015) (back)
General information
Line 2 Real property rented from others – The value of real
property rented to the business and to be included in line 2 is eight
Who must file
times the gross rent payable during the tax year for which the return
is filed. However, if a building is erected on leased land by or on
E very partnership doing business in Yonkers and having a partner
behalf of the business, the value of the building is determined in the
who is a nonresident of Yonkers must complete Form Y-204. Submit
same manner as if it were owned by the business.
Form Y-204 with your Form IT-204, Partnership Return.
A partnership is doing business in Yonkers if:
The term gross rent includes any amount payable for the use
or possession of real property, or any part thereof, whether
– it maintains or operates in Yonkers an office, a shop, a store, a
designated as a fixed sum of money or as a percentage of sales,
warehouse, a factory, an agency, or other place where its affairs
profits, or otherwise; any amount payable as additional rent, or
are systematically and regularly carried on; or
in lieu of rent, such as interest, taxes, insurance, repairs, or any
– it performs a series of acts or transactions in Yonkers with
other amount required to be paid by the terms of a lease or other
regularity and continuity for livelihood or profit, as distinguished
agreement; and a portion of the cost of any improvement to real
property made by or on behalf of the business that reverts to the
from isolated or incidental transactions.
owner or lessor upon termination of a lease or other arrangement.
See the instructions for your tax return for the Privacy notification or
if you need help contacting the Tax Department.
Line 3 Tangible personal property owned – Enter in column A
the average value (determined in accordance with the instructions
Specific instructions
for line 1) of all tangible personal property (including any inventory)
owned by the business. Enter in column B the average value of
Enter the partnership name and employer identification number in
tangible personal property located in Yonkers.
the spaces provided.
Part 1 – Enter in this part the number of partners who are
Line 4 Property percentage – Add lines 1, 2, and 3 in columns A
and B, and enter the total on line 4. Divide the column B total by the
nonresidents of Yonkers.
column A total and round the result to the fourth decimal place. For
Part 2 Column A – Enter in this column the total amount of net
example, if the total in column A is $15,000 and the total in column B
earnings from self-employment of the partnership as reported
is $10,000, divide $10,000 by the $15,000 and enter the result
on federal Form 1065, Schedule K, or federal Form 1065-B,
(.6667) as a percentage (66.67%) in column C.
Schedule K.
Line 5 Payroll percentage – The amounts to be entered on
Part 2 Column B – Enter in this column the amount of net earnings
line 5 include wages and other personal service compensation paid
from self-employment from Yonkers. If the partnership carries on
only to employees of the partnership. Do not include payments to
a business both in and out of Yonkers and maintains records from
nonemployees such as independent contractors and independent
which the Yonkers income can be determined, enter in this column
sales agents. Enter on line 5 in column A the total wages and
the net earnings from self-employment derived from Yonkers sources
personal service compensation paid to employees during the tax year
as determined from the books of account (submit a computation).
for partnership operations carried on both in and out of Yonkers. Enter
on line 5 in column B the amount of that pay for operations carried
A partnership carrying on business in and out of Yonkers that does
on in Yonkers. Operations are considered to be carried on in Yonkers
not maintain books and records from which the Yonkers net earnings
if the employee works in or travels out of an office or other place
from self-employment can be determined must use the business
of business located in Yonkers. If on Form IT-225, New York State
allocation percentage computed in Part 3, line 8.
Modifications, line 10, you subtracted an amount based on wages
not allowed because of a federal credit under IRC section 280C, this
Part 3 – Complete Part 3 if the partnership carries on business
both in and out of Yonkers but does not maintain books and records
change should be reflected here in wages and salaries paid during
from which the Yonkers net earnings from self-employment can be
the year. Divide the column B total by the column A total. Round the
result to the fourth decimal place and enter it as a percentage in
determined.
column C.
Even though Part 3 may not fairly and equitably reflect the income
from Yonkers and an authorized alternate allocation method is
Line 6 Gross income percentage – The amount to be entered on
used, Part 3 must still be completed. A detailed explanation of the
line 6 in column A is total gross sales made or charges for services
authorized alternate method used to determine the Yonkers income
performed by the partners or by employees, agents, agencies, or
must be submitted with full details of any changes increasing
independent contractors of the partnership in and out of Yonkers. The
or decreasing the amount of Yonkers income computed by the
amount to be entered on line 6 in column B is the part of total gross
authorized alternate method.
sales or charges that represents sales made or services performed
by or through an agency in Yonkers. This includes sales made or
services performed by employees, agents, agencies, or independent
Property percentage – lines 1, 2, 3, and 4
contractors situated at, connected with, or sent out from offices of the
Compute the average value of real and tangible personal property
partnership (or its agencies) located in Yonkers.
connected with the partnership by completing lines 1, 2, 3, and 4.
Note to paid preparers – Paid preparers may be subject to a
Line 1 Real property owned – Enter in column A the average
penalty for failure to conform to certain requirements. For more
value of all real property owned by the business. Enter in column B
information see Form IT-204-I, Instructions for Form IT‑204.
the average value of real property located within Yonkers.
The average value of the property is determined by (1) adding its
adjusted basis at the beginning of the tax year to its adjusted basis
at the end of the tax year and (2) dividing by two.
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