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Instructions for Form IT-204-CP New York Corporate Partner's

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Instructions for Form IT-204-CP New York Corporate Partner's Department of Taxation and Finance Partner’s Instructions for Form IT-204-CP IT-204-CP-I New York Corporate Partner’s Schedule K-1 General instructions maintaining an office, or deriving receipts from activity, in New York State. If you are a partner in a partnership and must file Form CT-3, CT-3-S, or be included in a combined group filing Form CT-3-A, Foreign corporations subject to the franchise tax under under Article 9-A (a corporate partner; see Who must file under Article 9-A – A foreign corporation (incorporated outside of Article 9-A below), the partnership should send you a completed New York State) is liable for franchise taxes during the period in Form IT-204-CP, New York Corporate Partner’s Schedule K-1. which it is doing business, employing capital, owning or leasing Keep Form IT-204-CP for your records. Do not file it with your property, maintaining an office, or deriving receipts from activity, Article 9-A franchise tax return. in New York State regardless of whether it is authorized to do business in New York State, unless specifically exempt. If you are a partnership or a limited liability company (LLC) and you received a Form IT-204-CP from a partnership that Foreign corporate limited partner – A foreign corporation is you are a partner in, you should use the form and these doing business, employing capital, owning or leasing property, instructions to determine the proper amounts to include on maintaining an office, or deriving receipts from activity, in New your Form IT-204.1 on an aggregate basis (see Form IT-204-I, York State if it is a limited partner of a partnership (other Instructions for Form IT-204, page 15, Partnership’s instructions than a portfolio investment partnership) that is doing business, for Form IT-204.1), and on any Form IT-204-CP you complete employing capital, owning or leasing property, maintaining an for a partner of your own (see Form IT-204-I, Instructions office, or deriving receipts from activity, in New York State, and for Form IT-204, page 23, Partnership’s instructions for if it is engaged, directly or indirectly, in the participation or in Form IT-204-CP). the domination or control of all or any portion of the business activities or affairs of the partnership. Note: If you are a partnership or an LLC you should also receive a Form IT-204-IP from all partnerships that you are a partner Foreign corporate general partner – If the partnership marked in, and you should include the proper amounts from any such an X in the Yes box on Apportionment, Part 1, line 1 (indicating Forms IT-204-IP that you receive, on the Forms IT-204-IP you that it did business, employed capital, owned or leased property, complete for your own partners. maintained an office, or derived receipts from activity, in New York State) and you are a corporate , then If you are a New York C corporation, use the form and these general partner you are subject to the franchise tax imposed under Tax Law instructions to determine the proper amount of partnership Article 9-A and must include the proper amount of partnership income, gain, loss, deduction, and any other partnership items income, gain, loss, deduction, asset, liability, apportionment you are required to report on your Article 9-A franchise tax return item, tax credit, and any other partnership items needed when if you are computing your tax using the aggregate method, completing your franchise tax return. and to determine tax credits that may be deducted against the Article 9-A franchise tax. A limited liability corporation (LLC) or limited liability partnership (LLP) that is treated as a partnership for federal income tax If you are a New York S corporation, use the form and purposes will be treated as a partnership for New York State tax these instructions to determine the proper amount of certain purposes. partnership items that must be passed on to your shareholders under Article 22, and to determine the proper amount of receipts to include in the computation of your fixed dollar minimum tax Computation of tax under Article 9-A. An Article 9-A corporate partner computes its tax with respect to its interest in the partnership using either the aggregate method See below for information concerning the aggregate or entity or entity method, whichever applies. (See Election by a foreign methods, and for the foreign corporate limited partner election. corporate limited partner on page 2 for the exception to these Report the partnership items for the partnership tax year that methods.) ends within the tax year for which you are filing your franchise Aggregate method – Under the aggregate method, a corporate tax return. The partnership tax year is entered near the top of partner is viewed as having an undivided interest in the page 1. partnership’s assets, liabilities, and items of receipts, income, gain, loss, and deduction. The partner is treated as participating Errors on your Form IT-204-CP in the partnership’s transactions and activities. If you believe the partnership reported inaccurate information on your Form IT-204-CP, notify the partnership. Ask for a corrected Entity method – Under the entity method, a partnership is Form IT-204-CP. Do not change any items on your copy of treated as a separate entity and a corporate partner is treated as Form IT-204-CP. owning an interest in the partnership entity. The partner’s interest is an intangible asset that is classified as business capital. To the extent a corporate partner’s entire net income (ENI) includes its Who must file under Article 9-A distributive share of partnership items of income, gain, loss, or Domestic corporations subject to the franchise tax under deduction, those items are treated as business income. Article 9-A – A domestic corporation (incorporated in New York State) is generally liable for franchise taxes for each fiscal or Corporate partners required to file under the aggregate calendar year, or part thereof, during which it is incorporated method until it is formally dissolved with the Department of State A corporate partner receiving a complete Form IT-204-CP must (www.dos.ny.gov) unless specifically exempt. When filing its file using the aggregate method. In addition, a corporate partner franchise tax return, the corporation must include the proper must file using the aggregate method if the corporate partner amount of partnership income, gain, loss, deduction, asset, has access to the information necessary to compute its tax using liability, apportionment item, tax credit, and any other partnership the aggregate method. A corporate partner is presumed to have items needed regardless of whether the partnership is doing access to the information and therefore is required to file using business, employing capital, owning or leasing property, Page 2 of 8 IT-204-CP-I (2020) Partner’s instructions for Form IT-204-CP the aggregate method if it meets one or more of the following Specific instructions conditions: • it is conducting a unitary business with the partnership; Partner’s information • it is a general partner of the partnership or is a managing Item C member of an LLC which is treated as a partnership for If the General partner or LLC member-manager box is marked, federal income tax purposes; you must use the aggregate method in determining your tax. • it has a 5% or more interest in the partnership; • it has reported information from the partnership in a prior tax Item J year using the aggregate method; If the No box is marked, but after considering all your individual • its partnership interest constitutes more than 50% of its total circumstances, you feel you are not required to pay estimated assets; tax, see Form CT-2658-E, Certificate of Exemption from Partnership Estimated Tax Paid on Behalf of Corporate Partners, • its basis in its interest in the partnership determined under to determine if you qualify to use that form. Internal Revenue Code (IRC) section 705 on the last day of the partnership year that ends within or with the taxpayer’s tax Item K year is more than $5 million; or If the partnership made estimated tax payments on your behalf, • any member of its affiliated group has the information the dates the estimated tax payments were made, and the necessary to perform such computation. amounts, are shown in item K. In the payments section of your A corporate partner that does not receive a complete corporate franchise tax return, include the total amount of the estimated tax as shown on your Form IT-204-CP. Form IT-204-CP may file using the entity method only if it does not meet any of the conditions listed above and does not have access (and will not have access within the time period allowed Partner’s share of entire net income (ENI) for filing a return with regard to all extensions of time to file) to information when the corporate partner’s New the information necessary to compute its tax using the aggregate York filing status is a C corporation method and certifies these facts to the commissioner. You must take into account your distributive share of each Computation of tax under the aggregate method – The partnership item of income, gain, loss, and deduction that taxpayer’s distributive share (see IRC section 704) of each is included in the computation of ENI. These amounts must partnership item of receipts, income, gain, loss, and deduction be taken into account in determining your business income, and the taxpayer’s proportionate part of each partnership investment income, and other exempt income.
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