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Section 1256 and NYC Corp Tax

  • 1.  Section 1256 and NYC Corp Tax

    Platinum Most Valuable Member
    Posted 09-01-2016 11:21 AM

    A Client has an S Corp that does financial consulting.  The Corporation also invests in Section 1256 Contracts.  There was a loss in 2015. 

    When I enter it on Lacerte, the loss is taken on the NYC Corp tax.  Is this correct?  It's still a capital gain/loss item.  (Is the program treating the contracts as a business?)

    Any information is appreciated.

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    Michael Rubinstein
    Michael D. Rubinstein CPA, PC
    Woodbury NY
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