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NYC-ATT-S-CORP - 2022 Page 2
SPECIFIC LINE INSTRUCTIONS
PART I of Form 1120S. Otherwise, enter on this line the
total amount of interest deductions that would have
Line 4b - Complete this line only if you are subject been allowed for federal purposes if the taxpayer
to IRC §163(j) (you are not a small business pur- had not made an election under subchapter S of the
suant to IRC §163(j)(3) and not an excepted busi- IRC, including any amount added back on line 4b
ness under IRC §163(j)(7)), whether or not the of this form (unless limited by IRC §163(j) as pro-
amount of interest expense deduction was limited vided below). If any investment interest expense
by such section for Federal purposes. Enter here was deducted on form 1120S, Schedule K, line 12b,
the amount of interest, if any, deducted on 1120S, such interest will be treated as business interest for
page 1, line 13, as well as any other interest de- the purposes of applying the limitation on interest
ducted on the federal return and reflected on any deductions pursuant to IRC section 163(j). Fill out
line in Part I of this form that would be subject to and attach federal form 8990 as if the taxpayer had
the Internal Revenue Code (“IRC”) section 163(j) not made an election under subchapter S of the
limitation if the taxpayer had not made an election IRC. For more information on interest expense de-
under subchapter S of the IRC. See the instruc- ductions, see Finance Memorandum 18-11, Impact
tions to line 17 for more details on interest expense of IRC §163(j) Limitation on Interest Attribution.
treatment.
Line 19 - Enter here the amount from 1120S,
Line 9 - If the calculated value for line 9 is negative, Schedule K, line 12d, as well as any other applica-
enter 0. ble deduction not otherwise taken on this form. In-
cluded on this line should be the amounts of any
Line 10 - The capital loss carryover from prior deductions that would have been allowed under
years that may be used in the current tax year for IRC section 250(a)(1)(B)(i) if the taxpayer had not
City purposes. This amount may not exceed the made an election under subchapter S of the IRC as
value on line 9. Enter carryover loss as a positive well as the amount deductible under IRC section
number. 965(c). The deduction under IRC section
250(a)(1)(B)(i) is reported on Part III, Line 29 of pro
Line 11 - Subtract Line 10 from Line 9. forma Form 8993, which taxpayers must attach to
their City return. Banking Corporation Tax filers
Line 13 - Enter on this line the amount from Sched- should also include on this line the amount of any
ule K line 10 of Form 1120S, as well as the amount, deductions that would have been allowed under
if any, that the taxpayer would have been required IRC section 250(a)(1)(A) if the taxpayer had not
to recognize under IRC § 951A (GILTI inclusion) if made an election under subchapter S of the IRC.
it had not made an election under subchapter S of The deduction under IRC section 250(a)(1)(A) is re-
the IRC. The GILTI inclusion amount is reported ported on Part III, Line 28 of pro forma Form 8993.
on Part II, Line 5 of pro forma Form 8992, which
taxpayers must attach to their City return. PART III
NOTE: Taxpayers electing entity treatment under Line 22 - Federal Taxable Income: Calculate the
IRS Notice 2020-69 are required to file Form 8992 value of Part I, Line 14 minus Part II, Line 21 and
with Form 1120S. Taxpayers electing this treatment enter here and on Schedule B, Line 1 of your form
should attach Form 8992 to their City return, as NYC-1, NYC-3L, NYC-4S, or NYC-4SEZ. For
well. members of a Combined Group included in an
NYC-3A, enter on Form NYC-3A, Schedule B Col-
PART II umn A, line 1, if this form NYC-ATT-S-Corp is for
the reporting corporation. For any other member
Line 16 - The charitable contribution deduction from of the combined group, enter on Form NYC-3A/B,
federal Form 1120S, Schedule K, line 12a may not Schedule B, line 1, in the column for this corpora-
exceed 10% of the sum of lines 1 through 12d (other tion. If there is only one other member of the com-
than line 12a) of Schedule K, subject to any excep- bined group, enter on Form NYC-3A, Schedule B
tion provided in the IRC with respect to C corpora- Column B, line 1. For members of a Combined
tions. Group included in an NYC-1A, this form NYC-ATT-
S-CORP must be attached to the Form NYC-1 for
Line 17 - If you are not subject to IRC §163(j), enter each Subchapter S corporation included in the
on this line the amount from Schedule K, Line 12b combined group.
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