§ 11-47 Determination of Subsidiary Capital.
RCNY § 11-47
(§ 11-604(2), Administrative Code.) The amount of subsidiary capital of the taxpayer is determined by taking the average fair market value during the period covered by the report of all the assets of the taxpayer which constitute subsidiary capital, as in the case of investment capital, less certain current liabilities required to be deducted (19 RCNY § 11-46 "Subsidiary Capital," supra). Average fair market value is determined in the manner prescribed in 19 RCNY §§ 11-39 and 11-40, supra.
