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Income tax advisory opinions - 2020 (TSB-A)

An Advisory Opinion is issued at the request of a person or entity.  It is limited to the facts set forth therein and is binding on the Department only with respect to the person or entity to whom it is issued and only if the person or entity fully and accurately describes all relevant facts.  An Advisory Opinion is based on the law, regulations, and Department policies in effect as of the date the Opinion is issued or for the specific time period at issue in the Opinion.

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Income tax advisory opinions - 2020(TSB-A)
Number Issue
TSB-A-20(2)C,(1)I Petitioner asks whether the property specified in the Petition is located within a qualifying census tract for the tax credit for rehabilitation of historic properties.
TSB-A-20(2)I Petitioner asks whether the income earned by Petitioner's irrevocable, non-grantor trust, is taxable within New York State under Tax Law Section 605(b).
TSB-A-20(3)I Petitioner asks whether the loss realized by its non-resident individual limited partners upon the liquidation and dissolution of Petitioner is derived from or connected with New York sources under Tax Law Sections 631(a)(1) and 631(b)(1).
TSB-A-20(4)I Petitioner asks whether the limitation or "cap" on the tangible personal property credit component of the Brownfield Redevelopment Tax credit would be three or six times the sum of site preparation costs and groundwater remediation costs, given that the site would be developed and used for both manufacturing and non-manufacturing activities.
TSB-A-20(5)I What are the personal income tax consequences of distributions from the Suffolk County 401(a) Terminal Pay Plan (The Plan) and other eligible retirement plans that are funded, at least in part, by a lump sum distribution transferred in a direct trustee to trustee transfer from The Plan to another retirement plan.
TSB-A-20(6)I Whether a lump sum distribution from a Federal Thrift Savings Plan (TSP) is eligible to be subtracted from federal adjusted gross income (FAGI) in determining New York adjusted gross income (NYAGI) and whether distributions from a TSP, other than lump sum distributions, are allowed to be subtracted from FAGI in determining NYAGI and whether distributions from a rollover to an Individual Retirement Account funded with TSP funds may be subtracted from FAGI in determining NYAGI.
TSB-A-20(7)I Whether two different series of distributions paid by Petitioner to a former employee pursuant to a nonqualified deferred compensation plan qualify as "retirement income" and are subject to New York State income tax withholding.
TSB-A-20(8)I Whether payment from Petitioner's nonqualified deferred compensation plans to non-residents at the time of distribution are New York source income for personal income purposes and subject to reporting and withholding.
TSB-A-20(9)I Whether distributions from an Individual Retirement Account (IRA) are allowed to be subtracted from federal adjusted gross income (FAGI) in determining New York adjusted gross income where Petitioner made contributions to a Federal Thrift Savings Plan (TSP) during his employment and, upon his retirement, the TSP funds are transferred to the IRA.
TSB-A-20(10)I Whether Petitioner and his wife are residents of Yonkers, as opposed to  New York City, for personal income purposes, when the entire physical house in which they reside is located in Yonkers and the front yard is located in the Bronx.
TSB-A-20(11)I Petitioner asks how to calculate the portion of withdrawals from a Individual Retirement Account (IRA) that is eligible to be subtracted from federal adjusted gross income in determining New York adjusted gross income where the IRA was funded solely and exclusively with Federal Thrift Savings Plan funds.
TSB-A-20(12)I Petitioner ask whether payments received from a former employer's Executive Deferred Salary Plan and Deferred Incentive Compensation Plan (non-qualified deferred compensation plans) after he retired and became a non-resident of New York State are taxable by New York or will constitute New York source income subject to New York State personal income tax.
TSB-A-20(13)I,(4)C Petitioner asks whether certain costs constitute "site preparation costs" within the meaning of Tax Law Section 21(b)(2) and what is the last date that the site preparation credit may be claimed.

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