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  • 1.  NYS/NYC Condominium

    Platinum Most Valuable Member
    Posted 09-04-2022 11:39 PM
    I have a client that is a NYC  based condominium.  I am preparing their annual 1120H as well as NYS and NYC corporate returns.
    The condominium is composed of a commercial owner (former sponsor) which represents the ground floor of the building and the residential owner which represents the residential units on floors two through five
    Am I reading correctly- NYS does not assess a "fixed dollar minimum tax" or a capital tax on the corporation?  Since the "ENI" of the corporation are less than $390,000 and it's capital is under $100,000  and has no employees or officers working for compensation, it appears that according to page 12 of the CT-3 instructions that the "condo" is only subject to a ttax on its "ENI"
    Is this the ssame case for New York City?
    Thank you for any feedback
    David J Rothfeld, CPA

    David Rothfeld
    Hicksville NY

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