§ 22. Items not deductible. In computing net income no deduction shall in any case be allowed in respect of: (a) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property. (b) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made.
Items not deductible
N.Y. General City Model 772/66 § 22, under Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations.
N.Y. General City Model 772/66 § 22