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 Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2828
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

What qualifies for small business corporation as defined in

Customer Question

what qualifies for small business corporation as defined in 210.1(f) for new York state business
JA: What state are you in? It matters because laws vary by location.
Customer: New York
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: Trying to find if business is considered small business corporation not subject to one-tenth limitation PNOLC
Submitted: 2 months ago.
Category: Tax
Expert:  Barbara replied 2 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As you know, the PNOLC subtraction of a small business corporation as defined in §210.1(f) is not subject to the one-tenth limitation. A small business corporation’s PNOLC subtraction available for use in the first tax period succeeding its base year is equal to 100% of its PNOLC subtraction pool. Any unused amount is eligible for carry forward for no longer than 20 tax periods following the base year.

A small business taxpayer is defined as a taxpayer with

  • business income of $390,000 or less, OR $1 million or less in the aggregate amount of money and other property it received for stock, as a contribution to capital and as paid-in surplus, AND
  • 100 or fewer New York employees.
    • The taxpayer cannot be part of an affiliated group unless the group, if it had filed a combined return, met the small business test

The following links contain excellent information you will find helpful:

https://www.tax.ny.gov/pdf/current_forms/ct/ct3_3i.pdf

http://www.withum.com/kc/new-york-prior-nol-conversion-subtraction-pool-calculation/

http://www.bizfilings.com/toolkit/sbg/tax-info/state-taxes/business-income/new-york-taxes-on-business-income.aspx

Please let me know if I can assist you further. If I have answered your question, please take a moment to provide a 5-star rating at this time.

Thank you and best regards,

Barb

Related Tax Questions