§ 11-84 Reports Relating to War Loss Recoveries.
RCNY § 11-84
(§ 11-605(3), Administrative Code.) (a) If a taxpayer realizes a recovery of war loss it should indicate on its next annual tax report: (1) The amount of any such recovery, the year in which recovered and the years in which the taxpayer deducted such recovered loss.
(2)Whether any such recovery has been included in taxable income for tax purposes and the year so included.
(3)Whether any such recovery was the basis for any adjustment by the United States Treasury Department or the State Tax Commission of the income of any year prior to the year of recovery.
(b)If a taxpayer has elected to exclude such recovery from Federal taxable income in the year of recovery resulting in a computation or recomputation of any tax imposed by the United States or New York State, the taxpayer is required to report the results of such computation or recomputation of tax to the Commissioner of Finance and to concede the accuracy thereof or state wherein it is erroneous.
