Sec. 6-1.5. Reports relating to war loss recoveries

Tax Law, § 211(3)

(a) If a taxpayer realizes a recovery of a war loss it must, within 90 days, report:

(1) the amount of any such recovery, the year in which recovered and the years in which the taxpayer deducted such recovered loss;

(2) whether any such recovery has been included in taxable income for franchise tax purposes and the year so included;

(3) whether any such recovery was the basis for any adjustment by the United States Treasury Department of the income of any year prior to the year of recovery.

(b) If a taxpayer has elected to exclude such recovery from Federal taxable income in the year of recovery resulting in a computation or recomputation of any tax imposed by the United States, the taxpayer is required to report the results of such computation or recomputation of tax to the Tax Commission within 90 days and to concede the accuracy thereof or state wherein it is erroneous.