Title GCM, General City Model 772/66

§ 17. Inventory. Whenever in the opinion of the director of finance\nthe use of inventories is necessary in order clearly to determine the\nincome of any taxpayer, inventory shall be taken by such taxpayer upon\nsuch basis as the director of finance may prescribe, conforming as\…

§ 18. Net income defined. The term "net income" means the gross\nincome of a taxpayer less the deductions allowed by this subpart.\n

§ 19. Computation of net income. The net income shall be computed in\naccordance with the method of accounting regularly employed in keeping\nthe books of such taxpayer; but if no such method of accounting has been\nso employed, or if the method employed does not clearly reflect…

§ 2. Definitions. When used in this part:\n 1. "Corporation" includes a joint-stock company or association and any\nbusiness conducted by a trustee or trustees wherein interest or\nownership is evidenced by certificate or other written instrument;\n 2. "Subsidiary" means a corpo…

§ 20. Gross income defined. 1. The term "gross income" includes gains,\nprofits and income derived from the business, of whatever kind and in\nwhatever form paid, including gains, profits or income from dealings in\nproperty, whether real or personal, or gains, profits or income…

§ 21. Deductions. In computing net income there shall be allowed as\ndeductions:\n 1. All the ordinary and necessary expenses paid or incurred during the\nyear in carrying on business, including a reasonable allowance for\nsalaries or other compensation for personal services act…

§ 22. Items not deductible. In computing net income no deduction shall\nin any case be allowed in respect of:\n (a) Any amount paid out for new buildings or for permanent\nimprovements or betterments made to increase the value of any property.\n (b) Any amount expended in restor…

§ 23. Imposition of tax. 1. Pursuant to the authority conferred by\nsection fifty-two hundred nineteen of the United States revised statutes\nand in conformity with the provisions contained in subdivision c of\nclause one of such section, every national banking association organ…

§ 24. Years for which imposed. The tax imposed by section\ntwenty-three of this part is imposed for each calendar year beginning\nwith the calendar year nineteen hundred sixty-six.\n

§ 25. Ascertainment of gain or loss; exchange of property. 1. For the\npurpose of ascertaining the gain derived or loss sustained from the sale\nor other disposition of property, real, personal or mixed, the basis\nshall be the cost thereof, or the inventoried value if the inven…

§ 26. Inventory. Whenever in the opinion of the director of finance\nthe use of inventories is necessary in order clearly to determine the\nincome of any taxpayer, inventory shall be taken by such taxpayer upon\nsuch basis as the director of finance may prescribe, conforming as\…

§ 27. Net income defined; computation. The term "net income" means the\ngross income of a taxpayer less the deductions allowed by this subpart.\n The net income shall be computed in accordance with the method of\naccounting regularly employed in keeping the books of such taxpaye…

§ 28. Gross income defined. 1. The term "gross income" includes gains,\nprofit and income derived from the business, of whatever kind and in\nwhatever form paid, including gains, profits or income from dealings in\nproperty, whether real or personal, or gains, profits, or income…

§ 29. Deductions. 1. In computing net income there shall be allowed as\ndeductions:\n (a) All the ordinary and necessary expenses paid or incurred during\nthe year in carrying on business, including a reasonable allowance for\nsalaries or other compensation for personal services…

§ 3. Imposition of tax; exemptions. 1. For the privilege of doing\nbusiness in the city in a corporate or organized capacity for all or any\npart of each of its fiscal or calendar years, every domestic or foreign\ncorporation, except corporations specified in subdivision four of…

§ 30. Administration; procedure; provisions of law applicable. For the\npurpose of carrying into effect the provisions of this subpart, and\nexcept as otherwise provided in this subpart, income shall be computed,\ngain or loss ascertained, deductions made, apportionments and\nal…

§ 31. Tax on production credit associations. Pursuant to the authority\nconferred by the federal farm credit act of nineteen hundred\nthirty-three, every production credit association organized under the\nauthority of the United States and located within the city after the\nstoc…

§ 32. Taxpayers' returns. Every taxpayer, on or before March\nfifteenth, nineteen hundred sixty-seven, and annually thereafter, shall\nmake a return subscribed by the taxpayer and affirmed by him to be true\nunder the penalties of perjury to the director of finance, for the\ncal…

§ 33. Consolidated returns. Corporations which are affiliated may, if\nauthorized, and shall, if required, by the director of finance, under\nregulations prescribed by the director of finance, make a consolidated\nreturn for the purpose of this part. In any case in which a tax i…

§ 34. Payment of tax. Each taxpayer shall, at the time of filing its\nreturn, pay to the director of finance\n (a) the amount of tax payable hereunder as the same shall appear from\nthe face of the return, or\n (b) if payments of estimated tax have been made pursuant to section\…

§ 35. Declaration of estimated tax; payments on account of estimated\ntax. 1. Every taxpayer subject to the tax imposed by this part shall\nmake a declaration of the estimated tax upon the basis of its net income\nfor the current calendar year, containing such information as the…

§ 36. Real property taxable. Nothing in this part shall be\nconstrued to exempt the real property of any taxpayer from taxation to\nthe same extent, according to its value, as other real property is\ntaxed.\n

§ 4. Computation of tax. * 1. The tax imposed by subdivision one of\nsection three of this part shall be, in the case of each taxpayer: (a) a\ntax (1) for taxable years beginning on or after January first, nineteen\nhundred seventy-eight but before January first, nineteen hundre…

§ 4-a. Credit relating to stock transfer tax. (1) A taxpayer shall be\nallowed a credit, to be credited or refunded in the manner hereinafter\nprovided in this section, against the tax imposed by this part. The\namount of such credit shall be fifty per cent of the tax incurred i…

§ 4-b. Credit relating to certain sales and compensating use taxes.\n(1) In addition to the credit allowed by section four-a of such chapter,\na taxpayer shall be allowed a credit against the tax imposed by this\npart to be credited or refunded in the manner hereinafter provided…

§ 4-c. Credit relating to certain expenses involved in the cost of\nrelocating industrial and commercial employment opportunities. (1) In\naddition to any other credit allowed by this section, a taxpayer shall\nbe allowed a credit against the tax imposed by this part to be credi…

§ (4-d) Credit relating to the annual increase in certain payments to\na landlord by a taxpayer relocating industrial and commercial employment\nopportunities. (1) In addition to any other credit allowed by this\nsection, a taxpayer shall be allowed a credit against the tax impo…

§ 4-e. Credit relating to certain sales and compensating use taxes.\n(1) in addition to any other credit allowed by this section, a taxpayer\nshall be allowed a credit against the tax imposed by this part to be\ncredited or refunded in the manner hereinafter provided in this sec…

§ 4-f. Credit relating to certain sales and compensating use taxes on\nelectricity used in manufacturing, processing or assembling. (1) (a) In\naddition to any other credit allowed by this part, a taxpayer shall be\nallowed a credit against the tax imposed by this part to be cre…

§ 4-h. Relocation and employment assistance credit. (1) In addition\nto any other credit allowed by this part, a taxpayer that has obtained\nthe certifications in accordance with subdivision (b) of section\ntwenty-five-z of the general city law shall be allowed a credit against\…

§ 4-i. Lower Manhattan relocation and employment assistance credit.\n(1) In addition to any other credit allowed by this part, a taxpayer\nthat has obtained the certifications in accordance with subdivision (b)\nof section twenty-five-ee of the general city law shall be allowed …

§ 4-j. Relocation assistance credit per employee. (1) In addition to\nany other credit allowed by this part other than a credit allowed by\nsection four-h of this part, a taxpayer that has obtained the\ncertifications in accordance with subdivision (b) of section\ntwenty-five-gg…

§ 5. Reports. 1. Every corporation having an officer, agent or\nrepresentative within the city, shall annually on or before March\nfifteenth transmit to the director of finance a report in a form\nprescribed by him (except that a corporation which reports on the basis\nof a fisc…

§ 6. Payment and lien of tax. 1. To the extent the tax imposed by\nsection three of this part shall not have been previously paid pursuant\nto section eight of this part,\n (a) such tax, or the balance thereof, shall be payable to the\ncommissioner of finance in full at the time…

§ 61. Tax on transportation corporations and associations. 1. The\nterm "corporation" as used in this part shall include any business\nconducted by a trustee or trustees wherein interest or ownership is\nevidenced by certificates or other written instruments.\n 2. For the privil…

§ 62. Additional tax on transportation corporations and associations.\nEvery corporation, joint-stock company or association formed for or\nprincipally engaged in the conduct of aviation, steamboat, ferry (except\na ferry company operating between any of the boroughs of the city…

§ 63. Receivers, etc., conducting corporate business. Any receiver,\nliquidator, referee, trustee, assignee, or other fiduciary or officer or\nagent appointed by any court, who conducts the business of any\ncorporation, joint stock company or association shall be subject to the\…

§ 64. Service of process; limitation of time. 1. Every foreign\ncorporation (other than a moneyed corporation) subject to the provisions\nof this part, except a corporation having a certificate of authority\nunder section two hundred twelve of the general corporation law or\nhav…

§ 65. Exemption of Corporations Owned by a Municipality. The\nprovisions of this part shall not apply to any corporation all of the\ncapital stock of which is owned by a municipal corporation of this\nstate.\n

§ 66. Reports of Corporations. Corporations liable to pay a tax under\nthis part shall report as follows:\n 1. Every corporation, association or joint stock company liable to pay\na tax under section sixty-one of this part shall, on or before March\nfirst in each year, make a wr…

§ 67. Payment of tax and penalties. 1. The taxes imposed by sections\nsixty-one and sixty-two of this part shall be due and payable at the\ntime of filing the report required by section sixty-six, or, in case\nsuch a report is not filed when due, on the last day specified for th…

§ 68. Taxable years to which taxes apply. The taxes imposed by this\npart are imposed for each taxable year or period beginning with taxable\nyears or periods ending in or with the calendar year nineteen hundred\nsixty-six.\n

§ 69. First reports for payments for nineteen hundred sixty-six. If\nany report under this part is due prior to sixty days after the\nenactment of this title, such report and the payment therewith shall be\nfiled and paid within sixty days after the enactment of this title.\n

§ 7. Declaration of estimated tax. 1. Every taxpayer subject to the\ntax imposed by section three of this part shall make a declaration of\nits estimated tax for the current privilege period, containing such\ninformation as the director of finance may prescribe by regulations or…

§ 71. Application of part. 1. General.--The provisions of this part\nshall apply to the administration of and the procedures with respect to\nthe taxes imposed by part two, part three, part four and part five of\nthis title.\n 2. Definitions.--As used in this part: (a) the term …

§ 72. Notice of Deficiency. 1. General.--If upon examination of a\ntaxpayer's return, the director of finance determines that there is a\ndeficiency of tax, it may mail a notice of deficiency to the taxpayer.\nIf a taxpayer fails to file a tax return, the director of finance is\…

§ 73. Assessment. 1. Assessment date.--The amount of tax which a\nreturn shows to be due, or the amount of tax which a return would have\nshown to be due but for a mathematical error, shall be deemed to be\nassessed on the date of filing of the return (including any amended\nret…

§ 74. Limitations on Assessment. 1. General.--Except as otherwise\nprovided in this section, any tax under the named parts shall be\nassessed within three years after the return was filed (whether or not\nsuch return was filed on or after the date prescribed).\n 2. Time return d…

§ 75. Interest on underpayment. 1. General.--If any amount of tax is\nnot paid on or before the last date prescribed in whichever of the named\nparts is applicable for payment, interest on such amount at the rate set\nby the commissioner of finance pursuant to section eighty-sev…

§ 76. Additions to tax and civil penalties. 1. Failure to file\nreturn.--In case of failure to file a return under the named parts on or\nbefore the prescribed date (determined with regard to any extension of\ntime for filing), unless it is shown that such failure is due to\nrea…