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Form NYC-9.7C - 2022 Page 2
INSTRUCTIONS 1. Did you (or in the case of a combined report, COLUMN B, LINE 1
any of the corporations included in the report) Taxpayers liable for tax on the entire net income
A corporation subject to the Business Corporation claim a PNOL or an NOL deduction on line base, enter on Column B, line 1, the amount from
Tax that is a partner in a partnership that is subject 33 or line 35 of Schedule B of Form NYC-2 Schedule A, line 6. Taxpayers liable for Business
to the Unincorporated Business Tax (UBT) may or Form NYC-2A for this taxable year? Corporation Tax on the capital base or for the min-
claim a credit against its liability if the corporation 2. Was the sum of your distributive share of in- imum tax, enter zero on Column B, line 1.
is required to include its distributive share of the come, gain, loss, and deductions of, and COLUMN A, LINE 2
income, gain, loss and deductions of, or guaranteed guaranteed payments from, any unincorpo- Enter amount from last year’s Form NYC-9.7C,
payments from, the partnership in its own tax base. rated business less than zero (a “net loss dis- Schedule C, column C, line 3.
tributive share”)?
SCHEDULE A COLUMN B, LINE 2
Taxpayers liable for the tax on entire net income 3. Was your business income less than zero be- Enter the excess if any, of the amount from Column
should fill out lines 1 through 6 of Schedule A. Tax- fore taking into account any distributive share B, Line 1 over the amount from Column A, Line 1.
payers liable for the tax on capital or for the mini- or guaranteed payments from any partner- If less than zero, enter “0”.
mum tax should fill out lines 1 through 3 of ships, or any NOL deduction (“separate busi-
COLUMN A, LINE 3
Schedule A. ness income”)? Enter amount from last year’s Form NYC-9.7C,
LINE 1 If your answer to ANY of these questions is yes, Schedule C, Column C, line 4.
Enter on line 1 the amount from Schedule B, line you must fill out a modified Form NYC-2 or NYC-
10. If you are claiming credits with respect to more 2A on which you make the following adjustments: COLUMN B, LINE 3
than one partnership, add the amounts on line 10 a. Do not take into account any NOL carryfor- Enter the excess if any, of the amount from Column
on all attached Schedules B and enter the sum on ward or carryback; B, Line 2 over the amount from Column A, line 2.
this line. If less than zero, enter "0".
b. treat all net loss distributive shares as zero
LINE 2 (see question 2); and COLUMN A, LINE 4
Before completing Schedule A, line 2, you must Enter amount from last year’s Form NYC-9.7C,
have completed Schedule C, Column A. c. if your separate business income is less than Schedule C, Column C, line 5.
zero, treat it as zero (see question 3).
LINE 5 COLUMN B, LINE 4
To account for the difference in tax rates between Enter on line 6 the amount from the above de- Enter the excess, if any, of the amount from Col-
the Unincorporated Business Tax and the Business scribed modified Form NYC-2 or NYC-2A, Sched- umn B, line 3 over the amount from Column A, line
Corporation Tax, multiply line 4 by a fraction, the ule A, line 1. (“modified Business Corporation Tax 3. If less than zero, enter “0”.
numerator of which is 4 and the denominator of liability.”) Attach modified Form NYC-2 or NYC-
which is the tax rate reported on Schedule B, line 2A. COLUMN A, LINE 5
Enter amount from last year’s Form NYC-9.7C,
37 of Form NYC-2 or Form NYC-2A. LINE 7 Schedule C, Column C, line 6.
SCHEDULE B If your answer to ALL three questions in the in-
The UBT paid credit may be “taken” only by a cor- structions for line 6 is “no”, fill out a pro forma COLUMN B, LINE 5
poration in a year that it is actually liable for tax on Form NYC-2 or NYC-2A in which you calculate Enter the excess, if any, of the amount from Col-
the entire net income base. However, the UBT Paid your Business Corporation Tax liability on the busi- umn B, line 4, over the amount from Column A,
Credit is “allowed” to corporations regardless of ness income base without taking into account your line 4. If less than zero, enter “0”.
the basis on which they are liable for business cor- distributive share of income, gain, loss and deduc- COLUMN A, LINE 6
poration tax. The credit that is “allowed” is always tions of, or guaranteed payments from, the distrib- Enter amount from last year’s Form NYC-9.7C,
calculated as if the taxpayer were on the entire net uting partnership with regard to which you are Schedule C, Column C, line 7.
income basis. The difference between the credit claiming a credit on this form. Enter on line 7 the
that is “allowed” and the credit that may be “taken” amount from the pro forma Form NYC-2 or NYC- COLUMN B, LINE 6
is eligible to be carried forward for up to seven 2A, Schedule A, line 1. Attach pro forma Form Enter the excess, if any, of the amount from Col-
years. (see instructions for Schedule C). The UBT NYC-2 or NYC-2A. umn B, line 5, over the amount from Column A,
line 5. If less than zero, enter “0”.
Paid Credit does not alter the basis upon which a If your answer to ANY of the three questions in the
taxpayer must pay tax (e.g., on the basis of the busi- instructions for line 6 is “yes”, fill out a modified pro COLUMN A, LINE 7
ness income base, capital base, or minimum tax) forma Form NYC-2 or NYC-2A, taking into account Enter amount from last year’s Form NYC-9.7C,
even if the credit reduces the tax liability below the the modifications required at a, b, and c of the in- Schedule C, Column C, line 8.
liability calculated on another basis. structions for line 6 above and recalculating your
COLUMN B, LINE 7
LINE 2 modified Business Corporation Tax liability on the
If the distributing partnership has taken credits on business income base without taking into account Enter the excess, if any, of the amount from Col-
its own Form NYC-204, line 20 and lines 22a your distributive share of income, gain, loss and de- umn B, line 6, over the amount from Column A,
through 22e, enter on line 2 the sum of such cred- ductions of, or guaranteed payments from, the dis- line 6. If less than zero, enter “0”.
its but only to the extent that they do not reduce the tributing partnership with regard to which you are COLUMN A, LINE 8
distributing partnership’s unincorporated business claiming a credit on this form. Enter on line 7 the Enter amount from last year’s Form NYC-9.7C,
tax below zero. The amount entered on line 2 may amount from the modified pro forma Form NYC-2 Schedule C, Column C, line 1.
not exceed the amount on Schedule A, line 19, of or NYC-2A, Schedule A, line 1. Attach modified
the distributing partnership’s Form NYC-204. pro-forma Form NYC-2 or NYC-2A. COLUMN B, LINE 8
Enter the excess, if any, of the amount from Col-
LINE 4 LINE 9 umn B, line 7, over the amount from Column A,
Enter here the percentage of total distributive To account for the difference in tax rates between line 7. If less than zero, enter “0”.
shares reported for you in column 4 of Schedule C the Unincorporated Business Tax and the Business
of the distributing partnership's Form NYC-204. Corporation Tax, multiply line 8 by a fraction, the COLUMN C
Attach a copy of the distributing partnership’s Form numerator of which is 4 and the denominator of For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-
NYC-204, Schedule C. Attach taxpayer’s K-1 from which is the tax rate reported on Schedule B, line cess, if any, of the amount in Column A over the
the distributing partnership. 37 of Form NYC-2 or Form NYC-2A. amount in Column B. If less than zero, enter “0”.
This is the amount available as a carryforward to
LINE 6 SCHEDULE C next year.
If your answer to ALL of the following questions is COLUMN A, LINE 1
“no”, enter on line 6 the amount from your Form Enter on Column A, line 1, the amount from Sched-
NYC-2 or 2A, Schedule A, line 1. ule A, line 1.
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