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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3810
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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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: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year 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

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