5/7/08 N.Y. St. Reg. TAF-05-08-00021-A
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Amendment of section 3-13.5(a)(1), repeal of section 117.5 and addition of new section 117.5 to Title 20 NYCRR.
Statutory authority:
Tax Law, sections 171, subd. First, 697(a) and 1096(a)
Subject:
Treatment of certain allocations in partnership agreements designed principally to avoid or evade personal income tax.
Purpose:
To update the provisions to conform to Internal Revenue Code section 704(b) and continue consistency with Federal statutes.
Text or summary was published
in the notice of proposed rule making, I.D. No. TAF-05-08-00021-P, Issue of January 30, 2008.
Final rule as compared with last published rule:
No changes.
Text of rule and any required statements and analyses may be obtained from:
John W. Bartlett, Tax Regulations Specialist 4, Department of Taxation and Finance, Bldg. 9, State Campus, Albany, NY 12227, (518) 457-2254, e-mail:
tax_regulations@tax.state.ny.usAssessment of Public Comment
The agency received no public comment.
