Form Nyc-9.7c - Ubt Paid Credit Business Corporations

Form NYC-9.7C - 2017

Page 2

INSTRUCTIONS

or Form NYC-2A for this taxable year?

Schedule A, line 6. Taxpayers liable for Business

Corporation Tax on the capital base or for the min-

Was the sum of your distributive share of in-

imum tax, enter zero on Column B, line 1.

A corporation subject to the Business Corporation

come, gain, loss, and deductions of, and

Tax that is a partner in a partnership that is subject

guaranteed payments from, any unincorpo-

COLUMN A, LINE 2

to the Unincorporated Business Tax (UBT) may

rated business less than zero (a “net loss dis-

Enter amount from last year’s Form NYC-9.7,

claim a credit against its liability if the corporation

tributive share”)?

Schedule C, column C, line 3.

is required to include its distributive share of the

Was your entire net income less than zero be-

COLUMN B, LINE 2

income, gain, loss and deductions of, or guaranteed

fore taking into account any distributive share

Enter the excess if any, of the amount from Column

payments from, the partnership in its own tax base.

or guaranteed payments from any partner-

B, Line 1 over the amount from Column A, Line 1.

SCHEDULE A

ships, or any NOL deduction (“separate

If less than zero, enter “0”.

ENI”)?

Taxpayers liable for the tax on entire net income

COLUMN A, LINE 3

should fill out lines 1 through 6 of Schedule A. Tax-

If your answer to ANY of these questions is yes,

Enter amount from last year’s Form NYC-9.7,

payers liable for the tax on capital or for the mini-

you must fill out a modified Form NYC-2 or NYC-

Schedule C, Column C, line 4.

mum tax should fill out lines 1 through 3 of

2A on which you make the following adjustments:

Schedule A.

COLUMN B, LINE 3

Do not take into account any NOL carryfor-

Enter the excess if any, of the amount from Column

LINE 1

ward or carryback;

B, Line 2 over the amount from Column A, line 2.

Enter on line 1 the amount from Schedule B, line

treat all net loss distributive shares as zero

If less than zero, enter "0".

10. If you are claiming credits with respect to more

(see question 2); and

than one partnership, add the amounts on line 10

COLUMN A, LINE 4

on all attached Schedules B and enter the sum on

if your separate ENI is less than zero, treat

Enter amount from last year’s Form NYC-9.7,

this line.

it as zero (see question 3).

Schedule C, Column C, line 5.

LINE 2

Enter on line 6 the amount from the above de-

COLUMN B, LINE 4

Before completing Schedule A, line 2, you must

scribed modified Form NYC-2 or NYC-2A, Sched-

Enter the excess, if any, of the amount from Col-

have completed Schedule C, Column A.

ule A, line 1. (“modified Business Corporation Tax

umn B, line 3 over the amount from Column A, line

liability.”) Attach modified Form NYC-2 or NYC-

3. If less than zero, enter “0”.

LINE 5

2A.

To account for the difference in tax rates between

COLUMN A, LINE 5

the Unincorporated Business Tax and the Business

LINE 7

Enter amount from last year’s Form NYC-9.7,

Corporation Tax, multiply line 4 by a fraction, the

If your answer to ALL three questions in the in-

Schedule C, Column C, line 6.

numerator of which is 4 and the denominator of

structions for line 6 is “no”, fill out a pro forma

which is the tax rate reported on Schedule B, line

COLUMN B, LINE 5

Form NYC-2 or NYC-2A in which you calculate

37 of Form NYC-2 or Form NYC-2A.

Enter the excess, if any, of the amount from Col-

your Business Corporation Tax liability on the ENI

umn B, line 4, over the amount from Column A,

base without taking into account your distributive

SCHEDULE B

line 4. If less than zero, enter “0”.

share of income, gain, loss and deductions of, or

The UBT paid credit may be “taken” only by a cor-

guaranteed payments from, the distributing part-

COLUMN A, LINE 6

poration in a year that it is actually liable for tax on

nership with regard to which you are claiming a

the entire net income base. However, the UBT Paid

Enter amount from last year’s Form NYC-9.7

credit on this form. Enter on line 7 the amount

Credit is “allowed” to corporations regardless of

Schedule C, Column C, line 7.

from the pro forma Form NYC-2 or NYC-2A,

the basis on which they are liable for business cor-

COLUMN B, LINE 6

Schedule A, line 1. Attach pro forma Form NYC-

poration tax. The credit that is “allowed” is always

2 or NYC-2A.

Enter the excess, if any, of the amount from Col-

calculated as if the taxpayer were on the entire net

umn B, line 5, over the amount from Column A,

income basis. The difference between the credit

If your answer to ANY of the three questions in the

line 5. If less than zero, enter “0”.

that is “allowed” and the credit that may be “taken”

instructions for line 6 is “yes”, fill out a modified pro

is eligible to be carried forward for up to seven

COLUMN A, LINE 7

forma Form NYC-2 or NYC-2A, taking into account

years. (see instructions for Schedule C)

Enter amount from last year’s Form NYC-9.7

the modifications required at a, b, and c of the in-

Schedule C, Column C, line 8.

structions for line 6 above and recalculating your

LINE 2

modified Business Corporation Tax liability on the

If the distributing partnership has taken credits on

COLUMN B, LINE 7

ENI base without taking into account your distribu-

its own Form NYC-204, line 20 and lines 22a

Enter the excess, if any, of the amount from Col-

tive share of income, gain, loss and deductions of,

through 22e, enter on line 2 the sum of such cred-

umn B, line 6, over the amount from Column A,

or guaranteed payments from, the distributing part-

its but only to the extent that they do not reduce the

line 6. If less than zero, enter “0”.

nership with regard to which you are claiming a

distributing partnership’s unincorporated business

credit on this form. Enter on line 7 the amount from

COLUMN A, LINE 8

tax below zero. The amount entered on line 2 may

the modified pro forma Form NYC-2 or NYC-2A,

Enter amount from last year’s Form NYC-9.7

not exceed the amount on Schedule A, line 19, of

Schedule A, line 1. Attach modified pro-forma Form

Schedule C, Column C, line 1.

the distributing partnership’s Form NYC-204.

NYC-2 or NYC-2A.

COLUMN B, LINE 8

LINE 4

LINE 9

Enter the excess, if any, of the amount from Col-

Enter here the percentage of total distributive

To account for the difference in tax rates between

umn B, line 7, over the amount from Column A,

shares reported for you in column 4 of Schedule C

the Unincorporated Business Tax and the Business

line 7. If less than zero, enter “0”.

of the distributing partnership's Form NYC-204.

Corporation Tax, multiply line 8 by a fraction, the

Attach a copy of the distributing partnership’s Form

COLUMN C

numerator of which is 4 and the denominator of

NYC-204, Schedule C. Attach taxpayer’s K-1 from

For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-

which is the tax rate reported on Schedule B, line

the distributing partnership.

cess, if any, of the amount in Column A over the

37 of Form NYC-2 or Form NYC-2A.

amount in Column B. If less than zero, enter “0”.

LINE 6

SCHEDULE C

This is the amount available as a carryforward to

If your answer to ALL of the following questions is

next year.

“no”, enter on line 6 the amount from your Form

COLUMN A, LINE 1

NYC-2 or 2A, Schedule A, line 1.

Enter on Column A, line 1, the amount from Sched-

ule A, line 1.

Did you (or in the case of a combined report,

any of the corporations included in the report)

COLUMN B, LINE 1

claim a PNOL or an NOL deduction on line

Taxpayers liable for tax on the entire net income

33 or line 35 of Schedule B of Form NYC-2

base, enter on Column B, line 1, the amount from

Form Nyc-9.7c - Ubt Paid Credit Business Corporations - 2017 Page 2

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