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New York Codes Rules Regulations (Last Updated: March 27,2024) |
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TITLE 20. Department of Taxation and Finance |
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Chapter I. Franchise and Certain Business Taxes |
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Subchapter A. Business Corporation Franchise Tax |
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Part 3. Methods of Computing Tax |
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Subpart 3-13. Corporate Partners |
Sec. 3-13.7. Treatment of gain or loss from the sale of a partnership interest
Latest version.
- (a) Except as provided in subdivision (b) of this section, where a taxpayer is a partner in a partnership, any gain or loss that is recognized from the sale of the taxpayer's interest in such partnership and included in entire net income is business income or loss.(b) Where a taxpayer is a partner in a partnership for which an election has been made with respect to such partnership pursuant to the provisions of section 3-13.5 of this Subpart, the taxpayer shall not take into account any gain or loss that is recognized from the sale of its interest in such partnership.