N.Y. Comp. Codes R. & Regs. Tit. 20 § 118.1 - New York taxable income of a resident estate or trust
Tax Law, § 618
(a)
General.
(1) The New York taxable income of a resident
estate or trust is its Federal taxable income, as defined by the Internal
Revenue Code for the taxable year, subject to the modifications explained in
sections
118.2
through
118.5
of this Part. The New York taxable income of a resident estate or trust is
subject to the ordinary tax at the rates prescribed in section
602 of the
Tax Law, plus a tax surcharge at the rate and for the years in effect
prescribed in section 601-B of the Tax Law. For taxable years beginning on or
after January 1, 1978, if a resident estate or trust has New York personal
service taxable income and otherwise meets the requirements of section 603-A of
the Tax Law, such estate or trust must compute its maximum tax in accordance
with the provisions of such section in lieu of computing the ordinary tax on
its New York taxable income. The New York State minimum taxable income of a
resident estate or trust is determined as described in Part 122 of this
Article, the New York State separate tax of a resident estate or trust on the
termination of a qualified higher education fund is determined as described in
section 601-D of the Tax Law and the New York State separate tax of a resident
estate or trust on the ordinary income portion of lump sum distributions is
determined as described in Part 124 of this Article.
(2) See sections
106.1,
106.4,
106.6 and
106.8
of this Title and Parts 120 and 121 of this Article for credits against the
taxes imposed on a resident estate or trust.
(3) The definition of a resident estate or
trust is contained in section
105.23
of this Title. For the definition of a nonresident estate or trust, see section
105.24 of this Title. The New York taxable income of a nonresident estate or
trust is determined as described in Part 138 of this Title.
(b) The Federal taxable income of
a resident estate or trust does not include the amounts distributable or
properly paid or credited to its beneficiaries. Consequently, the New York
taxable income of a resident estate or trust does not include these amounts
since such amounts are taxable to the beneficiaries as explained in sections
118.4
of this Part and Part 119 of this Article.
(c) It should be noted that the New York
State personal income tax return filed by an executor or administrator,
covering the period ending with the date of a decedent's death, is a New York
State personal income tax return for the decedent himself, not a New York State
fiduciary return for the estate. If the decedent was a resident of New York
State, his New York taxable income for the period ending with his death is
computed in the same way as the New York taxable income of any other resident
individual (see Part 111 of this Article; see also section
151.11
of this Subchapter as to New York State personal income tax returns for
decedents).
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.