235 ARTICLE 14 Laws Repealed; When to Take Effect Section 320. Laws repealed. 321. When to take effect. § 320. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed. § 321. When to take effect. This chapter shall take effect immediately. ARTICLE 15 Tax on Investments (Article 15 repealed by L. 1920, chap. 646, in effect May 10, 1920.) ARTICLE 161 Taxes Upon and With Respect to Personal Section 350. Definitions. 351. Imposition of income tax. 351a. Reimposition of tax against nonresidents. 352. Exemption of certain personal property. 354. Exchange of property. 355. Gain through exchange. 356. Inventory. 357. Net income defined. 358. Computation of net income. 359. Gross income defined. 360. Deductions. 361. Items not deductible. 362. Exemptions. 363. Credit for taxes in case of taxpayers other than residents of the state. 364. Partnerships. 365. Estates and trusts. 366. Information and payment at source. 367. Taxpayers' returns. 368. Partnership returns. 369. Fiduciary returns. 370. Returns when accounting period changed. 371. Time and place of filing returns. 372. Administration of income tax law. 373. Powers of tax commission. 373a. Oaths and acknowledgments. 374. Revision and readjustment of accounts by tax commission. 375. Review of determination of tax commission by certiorari and regulations as to writ. 376. Penalties, additional taxes and interest. 377. When payable. 378. Notice of assessment. [Repealed.] 379. Collection of taxes; penalties and interest. 380. Warrant for the collection of taxes. 381. Action for recovery of taxes. 382. Distribution of the income tax. 383. Tax commission to make regulations and collect facts. 1 Article added by L. 1919, chap. 621, in effect May 14, 1919. § 350. Definitions. For the purpose of this article and unless otherwise required by the context: 1. The word "comptroller" means the state comptroller. 2. The word "taxpayer" includes any person, trust or estate subject to a tax imposed by this article, or whose income is in whole or in part subject to a tax imposed by this article, and does not include corporations. 3. The words "military or naval forces of the United States include the marine corps, the coast guard, the army nurse corps, female, and the navy nurse corps, female, but this shall not be deemed to exclude other units otherwise included within such words. 4. The words "taxable year" mean the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under this article. The words "fiscal year" mean an accounting period of twelve months, ending on the last day of any month other than December. 5. The word "fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person, whether individual or corporate, acting in any fiduciary capacity for any person, trust or estate. 6. The word "paid" for the purposes of the deductions and credits under this article, means "paid or accrued " or " paid or incurred," and the terms "paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed, under this article. The term "received" for the purpose of the computation of net income under this article, means received or accrued" and the term "received or accrued " shall be construed according to the method of accounting upon the basis of which the net income is computed under this article. 7. The word "resident" applies only to natural persons and includes for the purpose of determining liability to the tax imposed by this article upon or with reference to the income of any taxable year, commencing with the year nineteen hundred and nineteen, any person who shall, at any time during the last six months of the calendar year, be a resident of the state. 7 thus am'd by L. 1920, chap. 691, in effect May 10, 1920.) (Subd. 8. The word "dividend" means any distribution made by a corporation out of its earnings or profits to its shareholders or members, whether in cash or in other property or in stock of the corporation. 66 9. The words "foreign country or foreign government mean any jurisdiction other than one embraced within the United States. The words "United States " include the states, the territories of Alaska and Hawaii and the District of Columbia. 10. The words "withholding agent" include all individuals, corporations, associations and partnerships, in whatever capacity acting, including lessees, or mortgagors of real or personal property, fiduciaries, employers, and all officers and employees of the state, or of any municipal corporation or political subdivision of the state, having the control, receipt, custody, disposal or payment, of interest, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments or other fixed or determinable annual or periodical gains, profits and income taxable under this article. (Added by L. 1919, chap. 627, in effect May 14, 1919.) § 351. Imposition of income tax. A tax is hereby imposed upon every resident of the state, which tax shall be levied, collected and paid annually upon and with respect to his entire net income as herein defined at rates as follows: One per centum of the amount of net income not exceeding ten thousand dollars; two per centum of the amount of net income in excess of ten thousand dollars but not in excess of fifty thousand dollars; three per centum of the amount of net income in excess of fifty thousand dollars. A like tax is hereby imposed and shall be levied, collected and paid annually, at the rates specified in this section, upon and with respect to the entire net income as herein defined, except as hereinafter provided, from all property owned and from every business, trade, profession or occupation carried on in this state by natural persons not residents of the state. Such tax shall first be levied, collected and paid in the year nineteen hundred and twenty upon and with respect to the taxable income for the calendar year nineteen hundred and nineteen, or for any taxable year ending during the year nineteen hundred and nineteen. (Added by L. 1919, chap. 627, in effect May 14, 1919.) § 351-a. Reimposition of tax against nonresidents. The tax provided for in section three hundred and fifty-one of this chapter upon and with respect to income derived from all property owned and from every business, trade, profession or occupation carried on in this state by natural persons not residents of the state, is hereby reimposed with respect to the taxable income for the calendar year nineteen hundred and nineteen and for any taxable year ending during the year nineteen hundred and nineteen, and for each year thereafter. Such tax shall be levied, collected and paid for the year nineteen hundred and nineteen, and returns with respect thereto shall be filed on or before June thirtieth, nineteen hundred and twenty, unless the time shall be extended as provided in this article. (Added by L. 1920, chap. 191, in effect Apr. 14, 1920.) § 351-b. Tax a debt. Every tax imposed by this article, and all increases, interest and penalties thereon, in addition to being a tax against property, business, trade, profession or occupation, as in this article provided, shall also become, from the time it is due and payable, a personal debt, from the person or persons liable to pay the same, to the state of New York. (Added by L. 1920, chap. 191, in effect Apr. 14, 1920.) § 352. Exemption of certain personal property from taxation. The taxes imposed by this article are in addition to all other taxes imposed by law, except that money on hand or on deposit with or without interest, bonds, notes and choses in action and shares of stock in corporations other than banks and banking associations, owned by any individual or constituting a part of a trust or estate subject to the income tax imposed by this article, shall not after July thirty-first, nineteen hundred and nineteen, be included in the valuation of the personal property included in the assessment-rolls of the several tax districts, villages, school districts and special tax districts of the state. (Added by L. 1919, chap. 627; thus am'd by L. 1920, chap. 120, in effect June 30, 1920.) § 353. Ascertainment of gain and loss. 1. For the purpose of ascertaining the gain derived or loss sustained from the sale or other disposition of property, real, personal or mixed, the basis shall be, in case of property acquired on or after January first, nineteen hundred and nineteen, the cost thereof, or the inventory value if the inventory is made in accordance with this article. 2. In case of property acquired prior to January first, nineteen hundred and nineteen, and disposed of thereafter, (a) No profit shall be deemed to have been derived if either the cost or the fair market price or value on January first, nineteen hundred and nineteen, exceeds the value realized. |