1. (a) multiply (1), the average value (determined in section 3-3.6 of this Title) of the taxpayer's capital invested in each subsidiary less the liabilities described in section 3-6.3(b) of this Title during the period covered by the taxpayer's report by (2), the issuer's allocation percentage, as defined in section 4-7.2(b) of this Part, of each subsidiary; and
2. (b) add the products obtained in subdivision (a) of this section.

Tax Law, § 210(7)

Every taxpayer is entitled to allocate its subsidiary capital within and without New York State. The subsidiary capital of the taxpayer allocated to New York State is computed as follows: