How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 9712
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

If an S-corp moves from New York to Vermont (in other words

Customer Question

For Lane:If an S-corp moves from New York to Vermont (in other words changes jurisdictions) and still does appx 10% of its business in New York City, which doesn't recognize pass through entities, does the corp still pay NYC corp taxes?
Submitted: 3 months ago.
Category: Tax
Expert:  Lane replied 3 months ago.

On the NYC "source income," yes.


Just to be sure you know, simply selling TO NYC residents is not source income.


All domestic and foreign corporations in New York City that are:

  • Doing business;
  • Employing capital;
  • Owning or leasing property, in a corporate or organized capacity; or
  • Maintaining an office.


... must pay the GCT on the income generated FROM that activity (source income)

Customer: replied 3 months ago.
Great, thank you!
Customer: replied 3 months ago.
Hey Lane,Not sure why, but for some reason the site isn't letting me rate you. I will try logging off and trying again.
Expert:  Lane replied 3 months ago.

That's my fault... try now (didn't have the box checked)

Thanks Russ,