Sec. 19-7.4. Average value of deposits

Tax Law, § 1454

The value of deposits maintained at branches of the taxpayer is the total of the amounts credited to depositors, including the amount of any interest so credited. The average value of deposits is to be computed on a daily basis. However, if the taxpayer's usual accounting practices do not permit the computation of average value on a daily basis, a computation on a weekly basis will be permitted. The Tax Commission will not permit the computation of average value of deposits on a basis less frequent than weekly, unless the taxpayer demonstrates that requiring it to use a weekly computation would produce an undue hardship. Any method of determining average value of deposits which is adopted by the taxpayer on any return may not be changed on any subsequent return without the prior written consent of the Tax Commission.