New Corporate Partner Tax Regulations
DEPARTMENT OF TAXATION AND FINANCE
COMMISSIONER OF TAXATION AND FINANCE
ALBANY, NEW YORK
Pursuant to the authority contained in subdivision First of section 171 and subsection (a) of section 1096 of the Tax Law, the Commissioner of Taxation and Finance hereby makes and adopts the following amendments to the Business Corporation Franchise Tax regulations, as published in Subchapter A of Chapter I of Title 20 of the Official Compilation of Codes, Rules and Regulations of the State of New York, such amendments to read as follows:
Section 1. Section 1-2.6 of such regulations is amended to read as follows:
§1-2.6 Definition of partnership.
The term "partnership" shall have the same meaning as set forth in section 761(a) of the Internal Revenue Code and 26 CFR §1.761-1(a) whether or not the election provided for therein has been made. Also, the term "partnership" does not include a corporation within the meaning of section 1-2.5(b) of this Subpart.