Form NYC-9.7C "Ubt Paid Credit Business Corporations" - New York City

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- 9.7C
U B T PA I D C R E D I T
2020
B U S I N E S S C O R P O R A T I O N S
AT TA C H TO F O R M N Y C - 2 O R N Y C - 2 A
For CALENDAR YEAR 2020 or FISCAL YEAR beginning ____________________________ 2020 and ending ______________________________________
Name as shown on NYC-2 or NYC-2A :
EMPLOYER IDENTIFICATION NUMBER
SCHEDULE A
1. Add total of amounts from Schedule B, line 10, for all partnerships
with respect to which you are claiming a credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter amount from Schedule C, line 9................................................................................2.
3. Total of 1 and 2. ..................................................................................................................3.
4. Tax from Form NYC-2 or NYC-2A, Schedule A, line 1 ............................................... 4.
5. Multiply line 4 by 4/______ (see instructions) ............................................................ 5.
6. UBT PAID CREDIT - Enter the lesser of line 3 and line 5 and transfer amount
to Form NYC-2, Schedule A, line 5 or Form NYC-2A, Schedule A, line 7 ............................ 6.
SCHEDULE B
A separate Schedule B must be completed for each partnership with respect to which you are claiming this credit.
If more than one Schedule B is used, please state number of additional schedules attached: _________
Name of partnership from which you received a distributive share or guaranteed payment (distributing partnership):
EMPLOYER IDENTIFICATION NUMBER OF DISTRIBUTING PARTNERSHIP
1. Unincorporated business tax paid by distributing partnership (from Form NYC-204, Sch. A, line 23) ...... 1.
2. Credits taken by distributing partnership on its own return (from Form NYC-204,
Schedule A, lines 20 and 22a through 22e) (see instructions) ........................................................... 2.
3. Total of lines 1 and 2 .......................................................................................................................... 3.
4. Distributive share percentage with respect to the distributing partnership
(from distributing partnership’s Form NYC-204, Schedule C. Attach copy) ...........................................4.
5. Multiply line 3 by the percentage on line 4............................................................................................. 5.
6. Tax from Form NYC-2 or NYC-2A, Schedule A, line1 (modified if necessary - see instructions) ......... 6.
7. Tax from pro forma Form NYC-2 or NYC-2A, Schedule A, line 1 (see instructions) ............................ 7.
8. Subtract line 7 from line 6 ..................................................................................................................... 8.
9. Multiply line 8 by 4/_______ (see instructions)...................................................................................... 9.
10. Enter lesser of line 5 and line 9 .......................................................................................................... 10.
SCHEDULE C
COMPLETE SCHEDULE C IF YOU HAVE UBT PAID CREDITS FROM PRECEDING YEARS THAT YOU MAY CARRY FORWARD TO 2021
APPLICABLE YEAR
COLUMN A
COLUMN B
COLUMN C
Credit Carryforward to 2021.
Credit Available in 2020
Column A Minus Column B
(if less than zero, enter “0”)
1. Current year
2. 7th preceding year
3. 6th preceding year
4. 5th preceding year
5. 4th preceding year
6. 3rd preceding year
7. 2nd preceding year
8. 1st preceding year
9. Total Column A, lines 2 through
8 (enter on Sch. A, line 2)...........9.
NYC-9.7C 2020
32112091
- 9.7C
U B T PA I D C R E D I T
2020
B U S I N E S S C O R P O R A T I O N S
AT TA C H TO F O R M N Y C - 2 O R N Y C - 2 A
For CALENDAR YEAR 2020 or FISCAL YEAR beginning ____________________________ 2020 and ending ______________________________________
Name as shown on NYC-2 or NYC-2A :
EMPLOYER IDENTIFICATION NUMBER
SCHEDULE A
1. Add total of amounts from Schedule B, line 10, for all partnerships
with respect to which you are claiming a credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter amount from Schedule C, line 9................................................................................2.
3. Total of 1 and 2. ..................................................................................................................3.
4. Tax from Form NYC-2 or NYC-2A, Schedule A, line 1 ............................................... 4.
5. Multiply line 4 by 4/______ (see instructions) ............................................................ 5.
6. UBT PAID CREDIT - Enter the lesser of line 3 and line 5 and transfer amount
to Form NYC-2, Schedule A, line 5 or Form NYC-2A, Schedule A, line 7 ............................ 6.
SCHEDULE B
A separate Schedule B must be completed for each partnership with respect to which you are claiming this credit.
If more than one Schedule B is used, please state number of additional schedules attached: _________
Name of partnership from which you received a distributive share or guaranteed payment (distributing partnership):
EMPLOYER IDENTIFICATION NUMBER OF DISTRIBUTING PARTNERSHIP
1. Unincorporated business tax paid by distributing partnership (from Form NYC-204, Sch. A, line 23) ...... 1.
2. Credits taken by distributing partnership on its own return (from Form NYC-204,
Schedule A, lines 20 and 22a through 22e) (see instructions) ........................................................... 2.
3. Total of lines 1 and 2 .......................................................................................................................... 3.
4. Distributive share percentage with respect to the distributing partnership
(from distributing partnership’s Form NYC-204, Schedule C. Attach copy) ...........................................4.
5. Multiply line 3 by the percentage on line 4............................................................................................. 5.
6. Tax from Form NYC-2 or NYC-2A, Schedule A, line1 (modified if necessary - see instructions) ......... 6.
7. Tax from pro forma Form NYC-2 or NYC-2A, Schedule A, line 1 (see instructions) ............................ 7.
8. Subtract line 7 from line 6 ..................................................................................................................... 8.
9. Multiply line 8 by 4/_______ (see instructions)...................................................................................... 9.
10. Enter lesser of line 5 and line 9 .......................................................................................................... 10.
SCHEDULE C
COMPLETE SCHEDULE C IF YOU HAVE UBT PAID CREDITS FROM PRECEDING YEARS THAT YOU MAY CARRY FORWARD TO 2021
APPLICABLE YEAR
COLUMN A
COLUMN B
COLUMN C
Credit Carryforward to 2021.
Credit Available in 2020
Column A Minus Column B
(if less than zero, enter “0”)
1. Current year
2. 7th preceding year
3. 6th preceding year
4. 5th preceding year
5. 4th preceding year
6. 3rd preceding year
7. 2nd preceding year
8. 1st preceding year
9. Total Column A, lines 2 through
8 (enter on Sch. A, line 2)...........9.
NYC-9.7C 2020
32112091
Form NYC-9.7C - 2020
Page 2
INSTRUCTIONS
or Form NYC-2A for this taxable year?
Schedule A, line 6. Taxpayers liable for Business
Corporation Tax on the capital base or for the min-
2.
Was the sum of your distributive share of in-
imum tax, enter zero on Column B, line 1.
A corporation subject to the Business Corporation
come, gain, loss, and deductions of, and
Tax that is a partner in a partnership that is subject
guaranteed payments from, any unincorpo-
COLUMN A, LINE 2
to the Unincorporated Business Tax (UBT) may
rated business less than zero (a “net loss dis-
Enter amount from last year’s Form NYC-9.7C,
claim a credit against its liability if the corporation
tributive share”)?
Schedule C, column C, line 3.
is required to include its distributive share of the
3.
Was your entire net income less than zero be-
COLUMN B, LINE 2
income, gain, loss and deductions of, or guaranteed
fore taking into account any distributive share
Enter the excess if any, of the amount from Column
payments from, the partnership in its own tax base.
or guaranteed payments from any partner-
B, Line 1 over the amount from Column A, Line 1.
ships, or any NOL deduction (“separate
SCHEDULE A
If less than zero, enter “0”.
Taxpayers liable for the tax on entire net income
ENI”)?
COLUMN A, LINE 3
should fill out lines 1 through 6 of Schedule A. Tax-
If your answer to ANY of these questions is yes,
Enter amount from last year’s Form NYC-9.7C,
payers liable for the tax on capital or for the mini-
you must fill out a modified Form NYC-2 or NYC-
Schedule C, Column C, line 4.
mum tax should fill out lines 1 through 3 of
2A on which you make the following adjustments:
Schedule A.
COLUMN B, LINE 3
a.
Do not take into account any NOL carryfor-
Enter the excess if any, of the amount from Column
LINE 1
ward or carryback;
B, Line 2 over the amount from Column A, line 2.
Enter on line 1 the amount from Schedule B, line
b.
treat all net loss distributive shares as zero
If less than zero, enter "0".
10. If you are claiming credits with respect to more
(see question 2); and
than one partnership, add the amounts on line 10
COLUMN A, LINE 4
on all attached Schedules B and enter the sum on
c.
if your separate ENI is less than zero, treat
Enter amount from last year’s Form NYC-9.7C,
this line.
it as zero (see question 3).
Schedule C, Column C, line 5.
LINE 2
Enter on line 6 the amount from the above de-
COLUMN B, LINE 4
Before completing Schedule A, line 2, you must
scribed modified Form NYC-2 or NYC-2A, Sched-
Enter the excess, if any, of the amount from Col-
have completed Schedule C, Column A.
ule A, line 1. (“modified Business Corporation Tax
umn B, line 3 over the amount from Column A, line
liability.”) Attach modified Form NYC-2 or NYC-
3. If less than zero, enter “0”.
LINE 5
2A.
To account for the difference in tax rates between
COLUMN A, LINE 5
the Unincorporated Business Tax and the Business
LINE 7
Enter amount from last year’s Form NYC-9.7C,
Corporation Tax, multiply line 4 by a fraction, the
If your answer to ALL three questions in the in-
Schedule C, Column C, line 6.
numerator of which is 4 and the denominator of
structions for line 6 is “no”, fill out a pro forma
which is the tax rate reported on Schedule B, line
COLUMN B, LINE 5
Form NYC-2 or NYC-2A in which you calculate
37 of Form NYC-2 or Form NYC-2A.
Enter the excess, if any, of the amount from Col-
your Business Corporation Tax liability on the ENI
umn B, line 4, over the amount from Column A,
base without taking into account your distributive
SCHEDULE B
line 4. If less than zero, enter “0”.
share of income, gain, loss and deductions of, or
The UBT paid credit may be “taken” only by a cor-
guaranteed payments from, the distributing part-
poration in a year that it is actually liable for tax on
COLUMN A, LINE 6
nership with regard to which you are claiming a
the entire net income base. However, the UBT Paid
Enter amount from last year’s Form NYC-9.7C,
credit on this form. Enter on line 7 the amount
Credit is “allowed” to corporations regardless of
Schedule C, Column C, line 7.
from the pro forma Form NYC-2 or NYC-2A,
the basis on which they are liable for business cor-
COLUMN B, LINE 6
Schedule A, line 1. Attach pro forma Form NYC-
poration tax. The credit that is “allowed” is always
2 or NYC-2A.
Enter the excess, if any, of the amount from Col-
calculated as if the taxpayer were on the entire net
umn B, line 5, over the amount from Column A,
income basis. The difference between the credit
If your answer to ANY of the three questions in the
line 5. If less than zero, enter “0”.
that is “allowed” and the credit that may be “taken”
instructions for line 6 is “yes”, fill out a modified pro
is eligible to be carried forward for up to seven
forma Form NYC-2 or NYC-2A, taking into account
COLUMN A, LINE 7
years. (see instructions for Schedule C)
the modifications required at a, b, and c of the in-
Enter amount from last year’s Form NYC-9.7C,
Schedule C, Column C, line 8.
structions for line 6 above and recalculating your
LINE 2
modified Business Corporation Tax liability on the
If the distributing partnership has taken credits on
COLUMN B, LINE 7
ENI base without taking into account your distribu-
its own Form NYC-204, line 20 and lines 22a
Enter the excess, if any, of the amount from Col-
tive share of income, gain, loss and deductions of,
through 22e, enter on line 2 the sum of such cred-
umn B, line 6, over the amount from Column A,
or guaranteed payments from, the distributing part-
its but only to the extent that they do not reduce the
line 6. If less than zero, enter “0”.
nership with regard to which you are claiming a
distributing partnership’s unincorporated business
credit on this form. Enter on line 7 the amount from
COLUMN A, LINE 8
tax below zero. The amount entered on line 2 may
the modified pro forma Form NYC-2 or NYC-2A,
Enter amount from last year’s Form NYC-9.7C,
not exceed the amount on Schedule A, line 19, of
Schedule A, line 1. Attach modified pro-forma Form
Schedule C, Column C, line 1.
the distributing partnership’s Form NYC-204.
NYC-2 or NYC-2A.
COLUMN B, LINE 8
LINE 4
LINE 9
Enter the excess, if any, of the amount from Col-
Enter here the percentage of total distributive
To account for the difference in tax rates between
umn B, line 7, over the amount from Column A,
shares reported for you in column 4 of Schedule C
the Unincorporated Business Tax and the Business
line 7. If less than zero, enter “0”.
of the distributing partnership's Form NYC-204.
Corporation Tax, multiply line 8 by a fraction, the
Attach a copy of the distributing partnership’s Form
COLUMN C
numerator of which is 4 and the denominator of
NYC-204, Schedule C. Attach taxpayer’s K-1 from
For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-
which is the tax rate reported on Schedule B, line
the distributing partnership.
cess, if any, of the amount in Column A over the
37 of Form NYC-2 or Form NYC-2A.
amount in Column B. If less than zero, enter “0”.
LINE 6
SCHEDULE C
This is the amount available as a carryforward to
If your answer to ALL of the following questions is
next year.
“no”, enter on line 6 the amount from your Form
COLUMN A, LINE 1
NYC-2 or 2A, Schedule A, line 1.
Enter on Column A, line 1, the amount from Sched-
ule A, line 1.
1.
Did you (or in the case of a combined report,
any of the corporations included in the report)
COLUMN B, LINE 1
claim a PNOL or an NOL deduction on line
Taxpayers liable for tax on the entire net income
33 or line 35 of Schedule B of Form NYC-2
base, enter on Column B, line 1, the amount from
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