Under NY law, a partnership’s income is allocated based on either (1) a method of accounting...

Under NY law, a partnership’s income is allocated based on either (1) a method of accounting that is “to the satisfaction of the commissioner” or (2) an allocation using a three-factor formula comprising property, payroll and receipts of the partnership from instate and out-of-state sources. True or False

Expert Solution

Under NY law, a partnership’s income is allocated based on either (1) a method of accounting that is “to the satisfaction of the commissioner” or (2) an allocation using a three-factor formula comprising property, payroll and receipts of the partnership from instate and out-of-state sources

The Statement is True. The taxation of business income for sole proprietory, partnership, the regulations provide that the income, loss dedcution , gain attributable to the business, trade, profession or occupation must be apportionated and allocated to New york state on fair and equitable basis which is one of the following 2 methods.

1) Actual Method if the books and records disclose if in state and out of state income to the satisfaction of the commissioner” or

(2) an allocation using a three-factor formula comprising property, payroll and receipts of the partnership from instate and out-of-state sources.

ekkarill92 answered 1 year ago

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