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The Laws of New York
Unconsolidated Laws of New York
CHAPTER 772
General City Model 772/66
PART 3
Financial Corporation Tax
SUBPART 1
Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations
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SECTION 21
Deductions
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SUBPART 1
Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations
This entry was published on 2014-09-22
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SECTION 22
Items not deductible
General City Model 772/66 (GCM) CHAPTER 772, PART 3, SUBPART 1
§ 22. Items not deductible. 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.