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
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David Rothfeld
DAVID J. ROTHFELD, CPA
Hicksville NY
516-433-2129
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