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What is NYC AC § 11-622?

Quick Answer

This section outlines specific items that are not deductible when computing net income, including amounts paid for new buildings or permanent improvements that increase property value, as well as expenditures for restoring property for which an allowance has been made. Applies to property owners calculating net income for tax purposes.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 11-622 Items not deductible.

AC § 11-622

In computing net income no deduction shall in any case be allowed in respect of: (a) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property.

(b)Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made.

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