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Assembly Bill A140

2011-2012 Legislative Session

Relates to adjusting the federal adjusted gross income for personal income tax purposes

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Archive: Last Bill Status - In Assembly Committee

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2011-A140 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3013
2015-2016: A2034

2011-A140 (ACTIVE) - Summary

Relates to adjusting the federal adjusted gross income for personal income tax purposes; applies IRC section 1014 as in effect 12/31/2009, not IRC section 1022.

2011-A140 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   140

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M.  of  A.  McDONOUGH  --  read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax  law,  in  relation  to  adjusting  the  federal
  adjusted gross income for personal income tax purposes

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (c) of section 612 of the tax law is amended  by
adding a new paragraph 39 to read as follows:
  (39)  IN  THE  CASE OF A SALE OF PROPERTY ACQUIRED FROM A DECEDENT WHO
DIED AT A TIME WHEN SECTION 1022 OF THE INTERNAL  REVENUE  CODE  APPLIED
FOR  FEDERAL INCOME TAX PURPOSES, THE GAIN OR LOSS ON SUCH SALE SHALL BE
ADJUSTED BY RECALCULATING THE BASIS OF SUCH PROPERTY WITHOUT CONSIDERING
SECTION 1022 OF THE INTERNAL REVENUE CODE AND APPLYING SECTION  1014  OF
THE  INTERNAL REVENUE CODE AS IT WAS IN EFFECT ON DECEMBER THIRTY-FIRST,
TWO THOUSAND NINE.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01223-01-1

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