N.Y. Comp. Codes R. & Regs. tit. 20, § 3-13.7 – Treatment of gain or loss from the sale of a partnership interest. | Midpage
§ 3-13.7
N.Y. Comp. Codes R. & Regs. tit. 20, § 3-13.7
Treatment of gain or loss from the sale of a partnership interest.
Department of Taxation and Finance
(a) Except as provided in subdivision (b) of this section, where a taxpayer is a partner in a partnership, any gain or loss that is recognized from the sale of the taxpayer's interest in such partnership and included in entire net income is business income or loss.
(b) Where a taxpayer is a partner in a partnership for which an election has been made with respect to such partnership pursuant to the provisions of section 3-13.5 of this Subpart, the taxpayer shall not take into account any gain or loss that is recognized from the sale of its interest in such partnership.