Title GCM, General City Model 772/66

Section 1. Definitions. When used in parts one through six:\n 1. "Taxpayer" means any corporation subject to tax;\n 2. "City" or "the city" means the city imposing the tax;\n 3. "State," "the state" or "this state" means the state of New York;\n 4. "Tax commission," "department …

§ 10. Limitations of time. The provisions of the civil practice law\nand rules relative to the limitation of time of enforcing a civil remedy\nshall not apply to any proceeding or action taken to levy, appraise,\nassess, determine or enforce the collection of any tax or penalty\…

§ 101. Imposition of tax. (a) General.--A tax at the rate of four\npercent is hereby imposed for each taxable year, beginning with taxable\nyears ending after January first, nineteen hundred sixty-six, on the\nunincorporated business taxable income of every unincorporated busine…

§ 101-a. Taxable years to which tax applies; tax for taxable years\nbeginning prior to and ending after January first, nineteen hundred\nsixty-six. (a) General.--The tax imposed by section one hundred one,\nwith any modification permitted by subdivision (b) of this section, is\n…

§ 102. Meaning of terms. (a) General.--Unless a different meaning is\nclearly required, any term used in this title shall have the same\nmeaning as when used in a comparable context in the laws of the United\nStates relating to federal income taxes, and any reference in this tit…

§ 103. Unincorporated business defined. (a) General.--An\nunincorporated business means any trade, business, profession or\noccupation conducted, engaged in or being liquidated by an individual or\nunincorporated entity, including a partnership or fiduciary or a\ncorporation in …

§ 104. Unincorporated business taxable income. The unincorporated\nbusiness taxable income of an unincorporated business shall be the\nexcess of its unincorporated business gross income over its\nunincorporated business deductions, allocated to the city, less the\namount of:\n (…

§ 105. Unincorporated business gross income. (a)\nGeneral.--Unincorporated business gross income of an unincorporated\nbusiness means the sum of the items of income and gain of the business,\nof whatever kind and in whatever form paid, includible in gross income\nfor the taxable…

§ 106. Unincorporated business deductions. The unincorporated business\ndeductions of an unincorporated business means the items of loss and\ndeduction directly connected with or incurred in the conduct of the\nbusiness, which are allowable for federal income tax purposes for th…

§ 107. Allocation to the city. (a) General.--If an unincorporated\nbusiness is carried on both within and without the city, as determined\nunder regulations of the director of finance, there shall be allocated\nto the city a fair and equitable portion of the excess of its\nuninc…

§ 108. Deductions not subject to allocation. (a) In computing\nunincorporated business taxable income, there shall be allowed (without\nallocation under section one hundred seven) deductions for reasonable\ncompensation not in excess of five thousand dollars for personal\nservic…

§ 109. Unincorporated business exemptions. In computing unincorporated\nbusiness taxable income, there shall be allowed (without allocation\nunder section one hundred seven):\n (1) an unincorporated business exemption of five thousand dollars,\nprorated for taxable years of less…

§ 11. Definitions. When used in this subpart:\n 1. The term "financial corporation" means every corporation doing a\nbanking business as defined in this section, other than a national\nbanking association, a trust company all of the capital stock of which\nis owned by not less t…

§ 115. Declarations of estimated tax. (a) Requirement of\ndeclaration.--Except as provided in subdivision (j), every\nunincorporated business shall make a declaration of its estimated tax\nfor the taxable year, containing such information as the commissioner of\nfinance may pres…

§ 116. Payments of estimated tax. (a) General.--The estimated tax\nwith respect to which a declaration is required shall be paid as\nfollows:\n (1) If the declaration is filed on or before April fifteenth of the\ntaxable year, the estimated tax shall be paid in four equal\ninsta…

§ 12. Tax based on net income; imposition; minimum tax; new\nincorporations; dissolution; consolidations; mergers; etc. 1. For the\nprivilege of doing business in the city:\n (a) Every bank and savings and loan association organized under the\nauthority of this state;\n (b) Ever…

§ 121. Accounting periods and methods. (a) Accounting periods.--A\ntaxpayer's taxable year under this title shall be the same as the\ntaxpayer's taxable year for federal income tax purposes.\n (b) Accounting methods.--A taxpayer's method of accounting under this\ntitle shall be …

§ 122. Returns, payment of tax. (a) General.--On or before the\nfifteenth day of the fourth month following the close of a taxable year,\nan unincorporated business income tax return shall be made and filed,\nand the balance of any tax shown on the face of such return, not\nprev…

§ 123. Time and place for filing returns and paying tax. A person\nrequired to make and file a return under this title shall, without\nassessment, notice or demand, pay any tax due thereon to the director of\nfinance on or before the date fixed for filing such return (determined…

§ 124. Signing of returns and other documents. (a) General.--Any\nreturn, declaration, statement or other document required to be made\npursuant to this title shall be signed in accordance with regulations or\ninstructions prescribed by the director of finance. The fact that an\…

§ 125. Extensions of time. (a) General.--The director of finance may\ngrant a reasonable extension of time for payment of tax or estimated tax\n(or any installment), or for filing any return, declaration, statement,\nor other document required pursuant to this title, on such ter…

§ 126. Requirements concerning returns, notices, records and\nstatements. (a) General.--The director of finance may prescribe\nregulations as to the keeping of records, the content and form of\nreturns and statements, and the filing of copies of federal income tax\nreturns and d…

§ 127. Report of change in federal taxable income.--If the amount of a\ntaxpayer's federal taxable income reported on his federal income tax\nreturn for any taxable year is changed or corrected by the United States\ninternal revenue service or other competent authority, or as th…

§ 127-A. Reporting of changes or corrections in sales and compensating\nuse tax liability.--Where the state tax commission changes or corrects a\ntaxpayer's sales and compensating use tax liability with respect to the\npurchase or use of items for which a sales or compensating u…

§ 128. Change of election. Any election expressly authorized by this\ntitle, other than the election authorized by subdivision (d) of section\none hundred five, may be changed on such terms and conditions as the\ndirector of finance may prescribe by regulation.\n

§ 129. Notice of deficiency. (a) General.--If upon examination of a\ntaxpayer's return under this title the director of finance determines\nthat there is a deficiency of income tax, he may mail a notice of\ndeficiency to the taxpayer. If a taxpayer fails to file a return\nrequir…

§ 13. Years for which imposed. The tax imposed by section twelve of\nthis part is imposed for each calendar year beginning with the calendar\nyear nineteen hundred sixty-six.\n

§ 130. Assessment. (a) 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\nr…

§ 131. Limitations on assessment. (a) General.--Except as otherwise\nprovided in this section, any tax under this title shall be assessed\nwithin three years after the return was filed (whether or not such\nreturn was filed on or after the date prescribed).\n (b) Time return dee…

§ 132. Interest on underpayment. (a) General.--If any amount of income\ntax is not paid on or before the last date prescribed in this title for\npayment, interest on such amount at the rate set by the commissioner of\nfinance pursuant to section one hundred forty-five, or, if no…

§ 133. Additions to tax and civil penalties. (a) Failure to file tax\nreturn.--In case of failure to file a tax return under this title 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…

§ 134. Overpayment. (a) General.--The director of finance, within the\napplicable period of limitations, may credit an overpayment of income\ntax and interest on such overpayment against any liability in respect of\nany tax imposed by this title or by titles on the person who ma…

§ 135. Limitations on credit or refund. (a) General.--Claim for credit\nor refund of an overpayment of income tax shall be filed by the taxpayer\nwithin three years from the time the return was filed or two years from\nthe time the tax was paid, whichever of such periods expires…

§ 136. Interest on overpayment. (a) General.--Notwithstanding the\nprovisions of section three-a of the general municipal law, interest\nshall be allowed and paid as follows at the rate set by the commissioner\nof finance pursuant to section one hundred forty-five, or, if no rat…

§ 137. Petition to director of finance. (a) General.--The form of a\npetition to the director of finance, and further proceedings before the\ndirector of finance in any case initiated by the filing of a petition,\nshall be governed by such rules as the director of finance shall\…

§ 138. Review of director's decision. (a) General.--A decision of the\ndirector of finance shall be subject to judicial review at the instance\nof any taxpayer affected thereby in the manner provided by law for the\nreview of a final decision or action of administrative agencies…

§ 139. Mailing rules; holidays. (a) Timely mailing.--If any claim,\nstatement, notice, petition, or other document (including to the extent\nauthorized by the director of finance, a return or a declaration of\nestimated tax) required to be filed within a prescribed period or on …

§ 14. Ascertainment of gain or loss. 1. For the purpose of\nascertaining the gain derived or loss sustained from the sale or other\ndisposition of property, real, personal or mixed, the basis shall be the\ncost thereof, or the inventoried value if the inventory is made in\naccor…

§ 140. Collection, levy and liens. (a) Collection procedures.--The\ntaxes imposed by this title shall be collected by the director of\nfinance, and he may establish the mode or time for the collection of any\namount due it under this title if not otherwise specified. The directo…

§ 141. Transferees. (a) General.--The liability, at law or in equity,\nof a transferee of property of a taxpayer for any tax, additions to tax,\npenalty or interest due the director of finance under this title, shall\nbe assessed, paid, and collected in the same manner and subje…

§ 142. Jeopardy assessment. (a) Authority for making.--If the director\nof finance believes that the assessment or collection of a deficiency\nwill be jeopardized by delay, he shall, notwithstanding the provisions\nof section one hundred twenty-nine and one hundred forty-four, a…

§ 143. Criminal penalties. (a) Attempt to evade tax.--Any individual\nor partnership or member or employee of any partnership, who, with\nintent to evade any tax or any requirement of this title or any lawful\nrequirement of the director of finance thereunder, shall fail to pay …

§ 144. Armed forces relief provisions. (a) Time to be disregarded.--In\nthe case of an individual serving in the armed forces of the United\nStates or serving in support of such armed forces, in an area designated\nby the president of the United States by executive order as a "c…

§ 145. General powers of director of finance. (a) General.--The\ndirector of finance shall administer and enforce the tax imposed by this\ntitle and he is authorized to make such rules and regulations, and to\nrequire such facts and information to be reported, as he may deem\nne…

§ 146. Secrecy requirement and penalties for violation. Except in\naccordance with proper judicial order or as otherwise provided by law,\nit shall be unlawful for the director of finance, the department of\nfinance of the city, any officer or employee of the department of\nfina…

§ 147. Effect of invalidity in part. If any clause, sentence,\nparagraph, subsection, section or other part of this title or the\napplication thereof to any person or circumstances, shall be held to be\ninvalid, such holding shall not affect, impair or invalidate the\nremainder …

§ 148. Inconsistencies with other laws. If any provision of this title\nis inconsistent with, in conflict with, or contrary to any other\nprovision of law, such provision of this title shall prevail over such\nother provision and such other provision shall be deemed to have been…

§ 149. Disposition of revenues*. All revenues resulting from the\nimposition of the taxes under this title shall be paid into the treasury\nof the city and shall be credited to and deposited in the general fund\nof the city, but no part of such revenues may be expended unless\na…

§ 15. Exchange of property.--Upon the sale or exchange of property the\nentire amount of the gain or loss, determined under section fourteen,\nshall be recognized, except as hereinafter provided in this section:\n 1. No gain or loss shall be recognized if common stock in a\ncorp…

§ 16. Exchange of property when no gain or loss is realized. When\nproperty is exchanged for other property and no gain or loss is realized\nunder the provisions of the preceding section, the property received\nshall be treated as taking the place of the property exchanged there…