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If you are subject to Article 9-A of the Tax Law and you have not yet filed your Form CT-3, Form CT-3-S, or Form CT-3-A for your tax year beginning on or after January 1, 2015, you must incorporate these updates when you file.
If you have already filed Form CT-3, Form CT-3-S, or Form CT-3-A for your tax year beginning on or after January 1, 2015, you are impacted by these updates if, in filing such form:
a) for purposes of Part 6, line 28 (marked to market net gains), you sourced the marked to market net gain from loans secured by real property using the 8% fixed percentage method, or you netted marked to market gains/(losses) across different “types” of “other” financial instruments,
b) for purposes of Part 6, line 29, you reported more than one “type” of “other” financial instrument, and you treated certain such financial instruments as QFI that were not, in fact, marked to market, or
c) for purposes of Part 6, line 30, you reported more than one “type” of “other” financial instrument, and/or reported both §210-A.5(a)(2)(G) and §210-A.5(a)(2)(H) financial instruments and, further, you treated certain such financial instruments as QFI that were not, in fact, marked to market, or you netted gains/(losses), or income/(loss) across different “types” of “other” financial instruments.
If these updates, as just described, change a tax item reported on a previously filed CT-3, CT-3-S or CT-3-A for a tax year beginning on or after January 1, 2015, you must amend your previous filing.
See the update numbers 4 – 6 for Form CT-3-I; numbers 4 and 5 for Form CT-3-S-I, and numbers 5 – 12 for Form CT-3-A-I, on our “Corporation tax up-to-date information for 2015” webpage (https://www.tax.ny.gov/forms/corp_up_to_date_info.htm).
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