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Form NYC-9.7B - 2022 Page 2
INSTRUCTIONS copy of the distributing partnership’s Form NYC- umn B, line 1, the amount from Schedule A, line 7,
204, Schedule C. Attach taxpayer’s K-1 from the divided by .75. Taxpayers liable for the tax on Tax-
A corporation subject to the Banking Corporation distributing partnership. able Assets or Capital Stock or the minimum tax,
Tax (BCT) that is a partner in a partnership that is enter zero on Column B, line 1.
subject to the Unincorporated Business Tax (UBT) LINE 6
may claim a credit against its liability for the BCT If your answer to BOTH of the following questions COLUMN A, LINE 2
if the corporation is required to include its distrib- is “no,” enter on line 6 the amount from your NYC- Enter amount from last year’s Form NYC-9.7B,
utive share of the income, gain, loss and deductions 1, or NYC-1A, Schedule A, line 1. schedule C, column C, line 3.
of, or guaranteed payments from, the partnership in 1. Was the sum of your net distributive share of
its own tax base subject to the BCT. income, gain, loss, and deductions of, and COLUMN B, LINE 2
guaranteed payments from, any unincorpo- Enter the excess if any, of that amount from Col-
SCHEDULE A rated business less than zero (a “net loss dis- umn B, Line 1 over the amount from Column A,
Line 1. If less than zero, enter “0”.
Taxpayers liable for the basic tax should fill out tributive share”)?
lines 1a through 4 of Schedule A. Taxpayers liable 2. Was your entire net income less than zero be- COLUMN A, LINE 3
for the alternative tax should fill out lines 1a fore taking into account any distributive share Enter amount from last year’s Form NYC-9.7B,
through 1c and lines 5 through 7 of Schedule A. or guaranteed payments from any partner- Schedule C, Column C, line 4.
Taxpayers liable for the tax on taxable assets or cap- ships (“separate ENI”)?
ital stock or for the fixed dollar minimum tax may COLUMN B, LINE 3
not take a credit in the current year but should fill If your answer to EITHER of these questions is Enter the excess if any, of the amount from Column
out lines 1a through 1c of Schedule A. “yes”, you must fill out a modified NYC-1 or 1-A B, Line 2 over the amount from Column A, line 2.
on which you make the following adjustments: If less than zero, enter "0".
LINE 1a a. treat all net loss distributive shares as zero;
COLUMN A, LINE 4
10. If you are claiming credits with respect to more
Enter on line 1a, the amount from Schedule B, line (see question 1) and Enter amount from last year’s Form NYC-9.7B,
than one partnership, add the amounts on line 10 on b. if your separate ENI is less than zero, treat it Schedule C, Column C, line 5.
all attached Schedules B and enter the sum on this as zero. (see question 2)
COLUMN B, LINE 4
line. Enter on line 6 the amount from your modified Enter the excess if any, of the amount from Column
LINE 1b Form NYC-1 or NYC-1A, Schedule A, line 1. B, line 3 over the amount from Column A, line 3. If
Before completing Schedule A, line 1b, you must (“modified BCT liability.”) Attach modified form less than zero, enter “0”.
have completed Schedule C, Column A. NYC-1 or NYC-1A.
COLUMN A, LINE 5
LINE 2 LINE 7 Enter amount from last year’s Form NYC-9.7B,
Enter the product of allocated entire net income and .09. If your answer to BOTH questions in the instruc- Schedule C, Column C, line 6.
tions for line 6 is “no,” fill out a pro forma Form
LINE 3 NYC-1 or NYC-1A in which you calculate your COLUMN B, LINE 5
To account for the difference in tax rates between the banking corporation tax liability for the basic tax Enter the excess, if any, of the amount from Col-
Unincorporated Business Tax and the Banking Corpo- without taking into account your distributive share umn B, line 4, over the amount from Column A,
ration Tax, multiply line 2 by a fraction, the numerator of income, gain, loss and deductions of, or guaran- line 4. If less than zero, enter “0”.
of which is 4 and the denominator of which is 9. teed payments from, the distributing partnership
with regard to which you are claiming a credit on COLUMN A, LINE 6
SCHEDULE B this form. Enter on line 7 the amount from the pro Enter the amount from last year’s Form NYC-9.7B,
The UBT Paid Credit may be “taken” only by a tax- forma Form NYC-1 or NYC-1A, Schedule A, line Schedule C, Column C, line 7.
payer in a year that it is actually liable for the basic 1. Attach pro forma Form NYC-1 or NYC-1A.
tax or for the alternative tax on alternative entire net COLUMN B, LINE 6
income. However, the UBT Paid Credit is “al- If your answer to any of the questions in the instruc- Enter the excess if any, of the amount from Column
lowed” to banking corporations regardless of the tions for line 6 is “yes,” fill out a modified pro forma B, line 5, over the amount from Column A, line 5.
basis on which they are liable for the banking cor- Form NYC-1 or NYC-1A, taking into account the If less than zero, enter “0”.
poration tax. The credit that is “allowed” is always modifications required at a and b of the instructions
calculated as if the taxpayer were liable for the basic for line 6 above and recalculating your modified COLUMN A, LINE 7
tax on entire net income. The difference between BCT liability for the basic tax without taking into ac- Enter the amount from last year’s Form NYC-9.7B,
the credit that is “allowed” and the credit that may count your distributive share of income, gain, loss Schedule C, Column C, line 8.
be “taken” is eligible to be carried forward for up to and deductions of, or guaranteed payments from, the
seven years. (See instructions for Schedule C). The distributing partnership with regard to which you are COLUMN B, LINE 7
UBT Paid Credit does not alter the basis upon which claiming a credit on this form. Enter on line 7 the Enter the excess, if any, of the amount from Col-
a taxpayer must pay tax (e.g., on the basis of entire amount from the modified pro forma Form NYC-1 umn B, line 6, over the amount from Column A,
net income, alternative entire net income, taxable or NYC-1A, Schedule A, line 1. Attach modified line 6. If less than zero, enter “0”.
assets, or fixed minimum tax) even if the credit re- pro-forma form NYC-1 or NYC-1A.
COLUMN A, LINE 8
duces the tax liability below the liability calculated LINE 9 Enter the amount from last year’s Form NYC-9.7B,
on another basis. To account for the difference in tax rates between the Schedule C, Column C, line 1.
LINE 2 Unincorporated Business Tax and the Banking Corpo- COLUMN B, LINE 8
If the distributing partnership has taken credits on ration Tax, multiply line 8 by a fraction, the numerator Enter the excess, if any, of the amount from Col-
its own Form NYC-204, lines 20 and lines 22a of which is 4 and the denominator of which is 9. umn B, line 7, over the amount from Column A,
through 22e, enter on line 2 the sum of such cred- line 7. If less than zero, enter “0”.
its but only to the extent that they do not reduce the SCHEDULE C
distributing partnership’s unincorporated business COLUMN C
tax below zero. The amount entered on line 2 may COLUMN A, LINE 1 For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-
not exceed the amount on Schedule A, line 19, on Enter on Column A, line 1 the amount from Sched- cess, if any, of the amount in Column A, over the
the distributing partnership’s Form NYC-204. ule A, line 1a. amount in Column B. If less than zero, enter “0”.
This is the amount available as a carryforward to
LINE 4 COLUMN B, LINE 1 next year.
Enter here the percentage of total distributive shares Taxpayers liable for the basic tax enter on Column
reported for you in column 4 of Schedule C of the B, line 1 the amount from Schedule A, line 4. Tax-
distributing partnership’s Form NYC-204. Attach a payers liable for the alternative tax enter on Col-
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