N.Y. Comp. Codes R. & Regs. tit. 20 § 46.1
Current through Register Vol. 46, No. 45, November 2, 2024
As distinguished from utilities which are subject to the jurisdiction of the State Department of Public Service, utilities in the second class, which are illustrated by questions and answers 1-8, inclusive, are only subject to tax on gross operating income as defined in the statute. Profits made by such utilities from the sale of securities, personal property, real property and any other transaction, as well as receipts from interest, dividends and royalties, are not subject to tax.
N.Y. Comp. Codes R. & Regs. Tit. 20 § 46.1