New York Personal Income Tax for Part-Year Resident Partners
CPA Journal, The › Vol. 76 Nbr. 4, April 2006
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Summary
New York State Tax Law imposes a personal income tax for a part-year resident individual based on the individual's taxable income that is derived from New York sources. The New York State Legislature recently enacted Senate Bill S7561, which amended the rules under section 639 of the Tax Law to address the situation when a partner or S corporation shareholder changes domicile or residency during the tax year. Under the new rules, taxpayers should recognized that, absent a direct accounting for each item of partnership or S corporation income and expenditure, the proration of items earned and incurred by the partnership or S corporation is required and most accurately reflects when the items were earned or incurred.
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New York Personal Income Tax for Part-Year Resident Partners
New York State Tax Law imposes a personal income tax for a part-year resident individual based on the individual's taxable income that is derived from New York sources. Legislation has been enacted that will change the manner in which a partner of a partnership or a shareholder of a New Yor...
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