Redacted Letter Rulings - Banking Corporation Tax

Written by Finance's Legal Affairs Division, letter rulings are written statements that set forth the applicability of the statutes and rules to a specific set of facts, and are provided in redacted form to protect taxpayer-specific information.



A pre-1985 corporation with no nexus to NYC in 1985 or in the current year is not eligible for the grandfathering provision of 11-640(d) even if it so qualified for NYS purposes. #04-4827. 11/3/2004 
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US Tax Treaty with a foreign country precludes application of capital stock base to alien bank if it exceeds the highest tax that would be imposed on the alien bank if it were a US bank. #03-4810. 10/15/2003
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US Tax Treaty with a foreign country precludes application of capital stock base to alien bank if it exceeds the highest tax that would be imposed on the alien bank if it were a US bank. #03-4809. 10/15/2003
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Inquiry as to whether Japan / US Tax Treaty precludes application of capital stock base to alien bank. #03-4802. 6/19/2003
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Filing of a declaration as a financial holding company under the Gramm - Leach - Bliley Act will not in itself result in the treatment of a foreign bank as a bank holding company. #00-4758. 4/6/2000
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An election by a subsidiary of a bank to be taxed under the General Corporation Tax is not affected by the transfer of its stock to a commercial bank or the transfer of the commercial bank to a new bank holding company. In addition, that election will not be affected by the merger into the subsidiary of one or more corporations with which the commercial bank files consolidated federal returns, by the transfer of the stock of the subsidiary to the bank holding company, or by the transfer to the subsidiary of the activities of one or more subsidiaries of the commercial bank or the bank holding company. No ruling is issued on the validity of the original election. #98-4735. 6/30/1999
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An election by a subsidiary of a bank to be taxed under the General Corporation Tax is not affected by transfer of its stock to a commercial bank or the transfer of the commercial bank to a new bank holding company. In addition, that election will not be affected by the merger into the subsidiary of one or more corporations with which the commercial bank files consolidated federal returns, by the transfer of the stock of the subsidiary to the bank holding company, or by the transfer to the subsidiary of the activities of one or more subsidiaries of the commercial bank holding company. No ruling is issued on the validity of the original election. #98-4734. 6/30/1999
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"Leased" employees will qualify as "employees" for REAP purposes only if all the facts and circumstances indicate that there is a relationship of employer-employee between the Taxpayer and the contract personnel. #96-4681. 11/4/1996
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