§ 11-41 Adjustment of Capital to Period Covered by Report.
RCNY § 11-41
(§ 11-604(2), Administrative Code.) If the period covered by the report is other than 12 calendar months, the amount of business capital and investment capital each is determined by multiplying the average fair market value thereof (19 RCNY § 11-37, supra) by the number of calendar months or major parts thereof included in such period, and dividing the product thus obtained by 12. Example: A corporation previously organized under the laws of a State other than New York, begins to do business in New York City on June 10, 1966, and reports on a calendar year basis. The average fair market value of its total investment capital for such year is $60,000 and the average fair market value of its total business capital is $240,000. The amount of each class of capital, for purposes of the tax computed on the basis of the calendar year 1966 is determined by multiplying each of the above amounts by 7 (the months of June to December, inclusive) and dividing the product by 12, resulting in investment capital of $35,000 and business capital of $140,000.
