Form Tc 203 - Income And Expense Schedule For Cooperative And Condominium Property
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1THE TAX COMMISSION OF THE CITY OF NEW YORK
Income and Expense Schedule for Cooperative and Condominium Property
Form TC 203 (ver. 1/98)
The data must be presented on this form; a copy of the
financial statement is not an acceptable substitute. An
These instructions are part of form TC 203.
accountant’s certification is not required.
Attachment to application. The income and expense
The form has space for figures for the year prior to the
schedule is an attachment to an application for correction
reporting year.
The Tax Commission requests that
or supplemental application. It is not valid if submitted
applicants provide this information, if available for the
separately. Applications on form TC 101, TC 105, TC
full year prior to the most current year.
106 or TC 109 must be filed by March 1 (or the
following Monday if the first is a Saturday or Sunday).
Definitions
Related persons. When used in this form the word
Supplemental applications and affidavits.
If a
person includes a corporation or other business entry.
required schedule of income and expenses was not
Related persons include individuals related by blood,
available in time for attachment to the original
marriage or adoption, individuals and the business
application form, it may be attached to form TC 150 and
entities they control, business entities under common
filed between March 2 and March 24. Form TC 159
control, and fiduciaries and the beneficiaries for whom
may be used to supplement answers to the questions in
they act.
parts 3, 4, 5, or 6 which were missing or incomplete on
the originally submitted schedule.
Floor area. Where floor area is called for state the
appropriate gross floor area, if known. If applicant does
Who should use this form. Use form TC 201 to report
not have the knowledge of the floor area, these questions
income and expenses from operation of a residential or
may be left unanswered.
commercial cooperative or a condominium.
A
cooperative is a property operated by a corporation
Sponsor information.
Part 4 calls for information
whose shareholders are entitled to occupy a portion of
about units held by the sponsor or other holder of unsold
the premises by virtue of their stock ownership. From
units. This information must be provided to the best of
TC 203 should be used for residential, commercial and
the applicant’s knowledge and must be the most recent
mixed-use condominium properties when the application
information available from the sponsor. By restating the
is filed by the board of managers.
information on the Tax Commission form, the applicant
attests based on personal knowledge only that the source
A corporation which operates the residential portion of a
of the information is appropriate and is not contradicted
condominium as a cooperative should also use form
by any other information in the applicant’s possession.
TC 203.
When available, a detailed rent roll of the unsold units
may help support the applicant’s claim. Sources may
Form TC 203 should not be used by a sponsor of a
include filings with the Attorney General, information
cooperative or condominium conversion who still holds
supplied in connection with mortgage applications or
all the units. If the applicant operated the property as a
information disclosed in litigation against the sponsor.
rental last year, use form TC 201.
Sublease, lease and sale information. Part 5 calls for
What income and expenses are to be reported.
information on the number of subleases of cooperative
Report all income received or accrued by the applicant
units or leases of condominium units. If the board or its
or related persons in connection with the property.
managing agent has notice of the transaction, whether or
Report only actual operating expenses. Do not report
not prior approval is required, it should be listed here. In
projections or reserves. Income from unit owners must
some cases, the Tax Commission may request a list of
be segregated from outside income. Income from master
units affected or copies of the leases.
leases of commercial space and leases with the sponsor
or a related person must be identified and segregated
For class one condominiums submit a list of all sales of
from other income.
units within the past two years. Include the lot number,
date of sale and price.
The Tax Commission will accept income and expense
data from the year covered by the cooperative
The Tax Commission application form and all
corporation’s or condominium’s most recently available
attachments are subject to public disclosure.
financial statement, as of January 15.
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