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PTET OTHER TAXES PAID ADDBACK

  • 1.  PTET OTHER TAXES PAID ADDBACK

    Silver Most Valuable Member
    Posted 07-27-2023 02:57 PM

    We have a client based in California that does business in NYS and NYC. Our software Ultratax is taking the entire taxes paid on this line (other taxes paid) and applying the allocation % to that as the addback in calculating PTET taxable income. It seems to make sense that the Califronia tax should not come into play and 100% of NYS and NYC tax should be the add back without giving any credence to the allocation %. Has anyone had this scenario and how did you handle it?



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    Gabriel Bentovim
    HOFFMAN & BENTOVIM, CPAs PC
    Commack NY
    631-499-1500
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