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New York ALJ Determines Article 32 Taxpayer Not Required to Utilize NOL in Computing Tax Under Alternative Base

On Jan. 22, an administrative law judge in the State of New York Division of Tax Appeals determined that a taxpayer subject to Article 32 (banking corporation franchise tax) was not required to apply a net operating loss deduction to decrease its entire net income (ENI) in a tax year in which its ENI base was not the highest of the alternative bases for computing the tax. At this point, it is not known whether the New York State Department of Taxation and Finance is going to appeal this decision to the New York State Tax Tribunal.

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