§ 28-04 — Unincorporated Business Taxable Income

§ 28-04 Unincorporated Business Taxable Income.

(a) Unincorporated business entire net income (Administrative Code § 11-501(g)). For taxable years beginning on or after July 1, 1994, the unincorporated business entire net income of a taxpayer means its unincorporated business gross income, as computed under 19 RCNY § 28-05, over the unincorporated business deductions allowable under Administrative Code § 11-507 and 19 RCNY § 28-06. (b) Unincorporated business taxable income (Administrative Code § 11-505). For taxable years beginning before July 1, 1994, the unincorporated business taxable income of a taxpayer for unincorporated business tax purposes means the excess of the unincorporated business gross income, as computed under 19 RCNY § 28-05, over the unincorporated business deductions allowable under 19 RCNY § 28-06, allocated to New York City in accordance with 19 RCNY § 28-07, minus the deductions allowable, without allocation, under 19 RCNY § 28-08, for reasonable compensation for personal services of the proprietor or the partners actively engaged in the unincorporated business and minus the unincorporated business exemptions permitted under 19 RCNY § 28-09. For taxable years beginning on or after July 1, 1994, the unincorporated business taxable income of a taxpayer for unincorporated business tax purposes means its unincorporated business entire net income, allocated to the City, less the amount of: (1) its deductions allowable, without allocation, under 19 RCNY § 28-08 and; (2) its unincorporated business exemption permitted under 19 RCNY § 28-09(a).