§ 11-71 Allocation of Subsidiary Capital.
RCNY § 11-71
(§ 11-604(7), Administrative Code.) Every taxpayer irrespective of whether it has a regular place of business outside New York City is entitled to allocate its subsidiary capital within and without New York City. The subsidiary capital of the taxpayer allocable to New York City is computed as follows: (a) multiply the average fair market value (determined as provided in 19 RCNY §§ 11-39 and 11-40, supra) of its subsidiary capital (determined as provided in 19 RCNY § 11-46 "Subsidiary Capital" and 19 RCNY § 11-47, supra) invested in each subsidiary during the period covered by the taxpayer's report by the percentage of the entire capital or issued capital stock, gross direct premiums (in the case of an insurance company) or net income (in the case of a bank or trust company) of such subsidiary required to be allocated within New York City on any report or reports required of it under Chapter 6 or Chapter 11 of Title 11 of the Administrative Code, for the preceding year; (b) multiply the cash and obligations of the United States and its instrumentalities and obligations of New York State, its political subdivisions and its instrumentalities treated as subsidiary capital, if any, (see: 19 RCNY § 11-46 "Subsidiary Capital," supra) by the weighted average of the percentage used in (a), above; (c) add the products so obtained.
