N.Y. Comp. Codes R. & Regs. tit. 20 § 45.11
Current through Register Vol. 46, No. 45, November 2, 2024
The law provides that there shall be included in gross income "profits from the sale of real property growing out of the ownership or use of or interest in such property".
Question 46:
A utility sold real property and incurred expenses for brokerage, advertising, etc., amounting to $5,000. Are such expenses deductible in determining profit? Answer: Yes.
Question 47:
A utility sells a long term lease on real property. Is the profit on such sale to be included in gross income? Answer: Yes.
N.Y. Comp. Codes R. & Regs. Tit. 20 § 45.11