Kings New York online Form 1120-F - Schedule M-1 & M-2 2024-2025

Kings New York online Form 1120-F - Schedule M-1 & M-2: What You Should Know

Note:  1.  In the New York State calendar year that includes January 1st of each year, the corporation must file a U.S. Income Tax Return, Form 1120-F, Schedule M1 and Schedule M2 (Form 1120-F form)  Complete Form CT-399 to compute NY State and federal taxable income, gain, losses and recapture of depreciation. The corporation must file Form CT-399 for the year in which it earns the first 100,000 of income. NY State income tax year ending December 31st, but not including January 1st. Federal income tax year ending December 31st, but not including January 1st. A corporation's Form CT-399 must include an itemization of deductions, credits and other miscellaneous items. For more information on the federal tax requirements for foreign corporations see, Note: 1. 2.  In addition to the deductions, credits and other miscellaneous items, the corporation should provide the amount of its NY State taxable income for the New York State tax year ending December 31st, (year of receipt) for each of the 12 full New York State taxes for which the corporation wishes to claim a NY State tax deduction, credit or other miscellaneous item of income. The full tax year for which the amount of any NY State tax deduction, credit or other miscellaneous item is to be calculated is the year the corporation receives or realizes income to the extent of its tax basis as of the end of the corporation's taxable year. The full state tax year for which the corporation wants to claim a NY State tax deduction, credit or other miscellaneous item of income is the New York State tax year in which a corporation first receives income that is taxed under NY State income tax laws. As a result of a Schedule M-1 (with an adjusted basis in the U.S. of at least 100,000 at any time during tax years preceding filing of the Schedule M), the corporation may want to consider filing a NY State Nonresident EIN. Form ET-13, Nonresident Exemption Application, must be filed by the corporation no later than its Form CT-399 filing.

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