New York Partnership Tax Return

Partnership Tax Return
Form IT-204 Partnership Return Tax Year 2023
IT-204

Department of Taxation and Finance

Partnership Return

	
See the instructions, Form
	 IT-204-I.

Legal name

For calendar year 2023		
and
23	ending
or tax year beginning	

	Employer identification number (EIN)
NYS principal business activity

Trade name of business if different from legal name above
City, village, or post office

Address (number and street or rural route)		
State	

ZIP code	

NAICS business code number (from NYS
Pub 910)

Principal product or service Date business started

Country

Section 1 – Partnership information

Special conditions for filing your
2023 tax return (see instr) ............

A	 Mark an X in the box that applies to your entity
	
Regular partnership	
Limited liability partnership (LLP)	
Portfolio investment partnership (see instr.)	Other
	
Limited liability company (LLC - including limited liability investment company and a limited liability trust company)
B	 1)	 Did the partnership have any income, gain, loss, or deduction derived from NY sources during the
No
		  tax year?.................................................................................................................................................	B1	 Yes	
	 2)	If No, enter the number of resident partners .............................................................................................	B2
C	 Mark applicable box(es)	
Change of address	
Initial return	
Amended return	
Final return (submit explanation)
No
D	 1)	 Is this return the result of federal audit changes? .....................................................................................	D1	 Yes	
	 If Yes :	2)	 Enter date of final federal determination ...............................................................................	D2
		
3)	 Do you concede the federal audit changes? ........................................................................	D3	 Yes	No
E	 Did you file a NYS partnership return for: 	 1)	 2021? ....................................................................................	E1 	 Yes	No
				
2)	2022?.....................................................................................	E2	 Yes	No
	 If No, state reason:
F	 Number of partners 	 1)	 Article 22 ................................................................................................................	 F1
				
2)	
Article 9-A ..............................................................................................................	 F2
				
3)	Other ......................................................................................................................	 F3
				
4)	Total .......................................................................................................................	 F4
G	 Does the partnership currently have tax accounts with NYS for the following taxes?
	
1)	 Sales and use tax	 Yes	
No	
..........	(if Yes, enter ID number)..... 	G1
	
2)	 Withholding tax	
Yes	
No	
..........	(if Yes, enter ID number)..... 	G2
H	 Did the partnership have an interest in real property located in NYS during the last three years?....................	H	 Yes	No
I	 Has there been a transfer or acquisition of a controlling interest in this entity during the last three years?......	 I	 Yes	No
J	 Did the partnership engage in a like-kind transaction under IRC 1031 during the tax year?.............................	 J	Yes	
No
	 Print designee’s name	
Third-party
designee? (see instr.) 			

	 Yes	

No

▼  Paid

Designee’s phone number	

Personal identification
number (PIN)

(   )	

	Email:

preparer must complete (see instr.)  ▼

Preparer’s signature	

Date
Preparer’s NYTPRIN

▼ 

Sign here 

▼

	 Signature of general partner

Firm’s name (or yours, if self-employed)	Preparer’s PTIN or SSN
Address		

Employer identification number	

			NYTPRIN
			
excl. code

	 Date	
	Email:

Email:

Mail your return to: STATE PROCESSING CENTER, PO BOX 15198, ALBANY NY 12212-5198.

204001230094

Daytime phone number

(   )

Page 2 of 9  IT-204 (2023)

Section 1 – Partnership information (continued)
K	 Did the partnership sell property during the tax year that had a deferred gain from a previous IRC 1031 or
	  IRC 1033 transaction? ...................................................................................................................................	K	Yes	
No
L	 Was there a distribution of property or a transfer of a partnership interest during the tax year?.......................	 L	Yes	
No
M	 Does the partnership have a valid IRC section 754 election in place for this reporting period?........................	M	 Yes	No
N	 Is this partnership under audit by the IRS or has it been audited in a prior year?.............................................	N	Yes	
No
O	 Is the partnership required to file Form DTF-686 or DTF-686-ATT for this filing period, to report a
	  reportable transaction, New York reportable transaction, listed transaction or registered tax shelter?..........	O	Yes	
No
	  If Yes, complete and submit Form(s) DTF-686, DTF-686-ATT, and any applicable federal forms.
P	 Did the partnership make purchases subject to sales and compensating use tax for which NYS tax
	  was not paid? (see instructions)........................................................................................................................	P	Yes	
No
Q	 Did the partnership have a financial account located in a foreign country? (see instructions) .............................	Q	Yes	
No

Section 2 – Federal ordinary business income (loss)
Part 1 – Income from federal Form 1065

	 1	 Gross receipts or sales ..........................................................	 1
	 2	 Returns and allowances ...........................................................	 2
	 3	 Subtract line 2 from line 1 .............................................................................................................. 	 3
	4	Cost of goods sold ........................................................................................................................ 	 4
	 5	 Gross profit (subtract line 4 from line 3) ............................................................................................. 	 5
	 6	 Ordinary income (loss) from other partnerships, estates, and trusts (submit statement) ................. 	 6
	 7	 Net farm profit (loss) (submit federal Form 1040, Schedule F) ............................................................ 	 7
	 8	 Net gain (loss) from federal Form 4797, Part II, line 17 (submit federal Form 4797) ......................... 	 8
	 9	 Other income (loss) (submit statement) ........................................................................................... 	 9
	 10	 Total income (loss) (combine lines 5 through 9) ................................................................................ 	 10

Part 2 – Deductions from federal Form 1065

	11	Salaries and wages (other than to partners) (less employment credits) ....................................... 	 11
	 12	 Guaranteed payments to partners ................................................................................................ 	 12
	 13	 Repairs and maintenance ............................................................................................................. 	 13
	 14	 Bad debts ...................................................................................................................................... 	 14
	 15	Rent .............................................................................................................................................. 	 15
	 16	 Taxes and licenses ........................................................................................................................ 	 16
	 17	Interest .......................................................................................................................................... 	 17
	18	Depreciation (if required, submit federal Form 4562) ................... 	 18
	19	 Depreciation reported on federal Form 1125-A
		  and elsewhere on return .....................................................	 19
	20	 Subtract line 19 from line 18 ......................................................................................................... 	 20
	21	 Depletion (do not deduct oil and gas depletion) .................................................................................. 	 21
	22	 Retirement plans, etc .................................................................................................................... 	 22
	23	 Employee benefit programs .......................................................................................................... 	 23
	23a	 Energy efficient commercial building deductions .......................................................................... 	 23a
	24	 Other deductions (submit statement) ............................................................................................... 	 24
	25	 Total deductions (add lines 11 through 17 and lines 20 through 24) ..................................................... 	 25
	26	 Ordinary business income (loss) (subtract line 25 from line 10) ........................................................ 	 26

204002230094

IT-204 (2023)  Page 3 of 9

Section 3 – Cost of goods sold (from federal Form 1125-A, see instructions)
	27	 Inventory at beginning of year ....................................................................................................... 	
	28	 Purchases ..................................................................................................................................... 	
	29	 Cost of labor .................................................................................................................................. 	
	30	 Additional IRC section 263A costs (submit statement) ..................................................................... 	
	31	 Other costs (submit statement) ........................................................................................................ 	
	32	 Total (add lines 27 through 31) .......................................................................................................... 	
	33	 Inventory at end of year ................................................................................................................ 	
	34	 Cost of goods sold (subtract line 33 from line 32) .............................................................................. 	
	35	 Methods used for valuing closing inventory (mark an X in applicable boxes)
		 Cost

27
28
29
30
31
32
33
34

			Lower of cost or market
		 Other (specify method used and explain)

	36	 Was there a writedown of subnormal goods?.........................................................................................................	Yes	No
	37a	 Was LIFO inventory method adopted this tax year for any goods? (If Yes, submit federal Form 970.) .......................	Yes	No
	37b	 If the LIFO inventory method was used for this tax year, enter the amount of closing inventory
		  computed under LIFO ............................................................................................................... 	 37b
	38	 Do the rules of IRC section 263A (for property produced or acquired for resale) apply to the partnership? .........	Yes	

No

	39	 Was there any change in determining quantities, cost, or valuations between opening and closing inventory? ......	Yes	

No

	

If Yes, explain

204003230094

Page 4 of 9  IT-204 (2023)

Section 4 – Balance sheets per books (from federal Form 1065, Schedule L)
	Assets	
		

Beginning of tax year	
End of tax year
(a)	 (b)	(c)	(d)

	40	Cash .....................................	 40
	41	 Trade notes and accounts
		  receivable .........................	 41
	42	 Less allowances for bad
		  debts .................................	 42
	43	Inventories ...........................	 43
	44	 U.S. government obligations.	 44
	45	Tax-exempt securities ..........	 45
	46	Other current assets (submit
		  statement) ...........................	 46
	47a	 Loans to partners (or
		  persons related to partners)		 47a
	47b	 Mortgage and real estate
		  loans .................................	 47b
	48	Other investments (submit
		  statement) ...........................	 48
	49	Buildings and other
		  depreciable assets ...........	 49
	50	Less accumulated
		  depreciation ......................	 50
	 51	 Depletable assets ................	 51
	52	Less accumulated depletion.	 52
	53	Land (net any amortization)		 53
	54	Intangible assets
		  (amortizable only) .............	 54
	55	Less accumulated
		  amortization ......................	 55
	56	Other assets (submit
		  statement) ...........................	 56
	57	Total assets ..........................	 57

	
		

Liabilities and capital	

	58	Accounts payable .................	 58
	59	Mortgages, notes, bonds
		  payable in less than
		  one year ...........................	 59
	60	Other current liabilities
		  (submit statement) ...............	 60
	61	All nonrecourse loans ..........	 61
62a		 Loans from partners (or
		  persons related to partners).	 62a
62b		 Mortgages, notes, bonds
		  payable in one year or more.	 62b
	63	Other liabilities (submit
		  statement) ...........................	 63
	64	Partners’ capital accounts ......	 64
	65	Total liabilities and capital ....	 65

204004230094

Beginning of tax year	
End of tax year
(a)	 (b)	(c)	(d)

IT-204 (2023)  Page 5 of 9

Section 5 – Reconciliation of income (loss) per books with income (loss) per return (From federal
	
  Form 1065, Schedule M-1; see instructions. If Schedule M-3 was filed, mark an X in the box	
	
  file Schedule M-3 and any related documents with Form IT-204; skip Section 5 and 	
	
	  continue with Section 6.)

	66	 Net income (loss) per books ......................................................................................................... 	 66
	 67	 Income included on return not recorded on books this year, from Schedule M-1, line 2 .............. 	 67	 		
		 Identify:

	68	 Guaranteed payments (other than health insurance) ................................................................... 	 68
	 69	 Expenses recorded on books this year not included on return, from Schedule M-1, line 4 .......... 	 69
		 Identify:

	70	 Add lines 66 through 69 ................................................................................................................ 	 70
	71	 Income recorded on books this year not included on return,
		  from Schedule M-1, line 6 ..................................................	 71	
		 Identify:		

	72	 Deductions included on return not charged against book
		  income this year, from Schedule M-1, line 7 ...................... 	 72	
		 Identify:	

	73	 Add lines 71 and 72 ...................................................................................................................... 	 73
	 74	 Income (loss) (subtract line 73 from line 70) ...................................................................................... 	 74

Section 6 – Analysis of partners’ capital accounts (from federal Form 1065, Schedule M-2)
	75	 Balance at beginning of year ........................................................................................................ 	
	76	 Capital contributed – cash ............................................................................................................ 	
	77	 Capital contributed – property ....................................................................................................... 	
	78	 Net income (loss) per books ......................................................................................................... 	
	 79	 Other increases ............................................................................................................................. 	
		 Identify:		

75
76
77
78
79

	80	 Add lines 75 through 79 ................................................................................................................ 	 80
	 81	 Distributions – cash ................................................................	 81
	 82	 Distributions – property ..........................................................	 82
	 83	 Other decreases .................................................................... 	 83	
		 Identify:			

	84	 Add lines 81, 82, and 83 ............................................................................................................... 	 84
	85	 Balance at end of year (subtract line 84 from line 80) ........................................................................ 	 85

204005230094

;

	

	

Page 6 of 9  IT-204 (2023)

Section 7 – Partners’ share of income, deductions, etc. (from federal Form 1065, Schedule K)
Partners’ distributive share items
	86	 Ordinary business income (loss) ..................................................................................................	86
	 87	 Net rental real estate income (loss) (submit federal Form 8825) ......................................................	 87
	88a	 Other gross rental income (loss) ..........................................	 88a
88b	 Expenses from other rental activities ...................................	 88b
	 89	 Other net rental income (loss) (subtract line 88b from line 88a) ........................................................	
	 90	 Guaranteed payments .................................................................................................................	
	91	 Interest income ............................................................................................................................	
	92	 Ordinary dividends .......................................................................................................................	
	93	 Royalties ......................................................................................................................................	
	94	 Net short-term capital gain (loss) (submit federal Schedule D) .........................................................	
	95	 Net long-term capital gain (loss) (submit federal Schedule D) ..........................................................	
	96	 Net section 1231 gain (loss) (submit federal Form 4797) .................................................................	
	 97	 Other income (loss) (see instructions) ............................................................................................ 	
			 Identify:

89
90
91
92
93
94
95
96
97

	98	 Section 179 deduction (submit federal Form 4562) ..........................................................................	
	 99	 Other deductions (see instructions) ................................................................................................	
			 Identify:

98
99

100	 This line intentionally left blank ....................................................................................................	 100
			

101	 Net earnings (loss) from self-employment ...................................................................................	
102	 Tax-exempt income and nondeductible expenses (see instructions) ..............................................	
103	 Distributions – cash and marketable securities ............................................................................	
	104	 Distributions – other property .......................................................................................................	
105	 Other items not included above that are required to be reported separately to partners (see instr.) .	
			 Identify:

101
102
103
104
105

Analysis of net income (loss)

106	 Enter the amount from line 1 of the Analysis of Net Income (Loss) section on federal Form 1065 ... 	 106

Analysis by type of partner
	
A	 B	 C	D	 E	F
	
Corporate	 Individual	 Individual	 Partnership	 Exempt	Nominee/other
		
(active)	(passive)		 organization
General partners
Limited partners

204006230094

IT-204 (2023)  Page 7 of 9

Section 8 – New York modifications (see instructions)
	107	This line intentionally left blank
	108	Total addition modifications (from Form IT-225, line 9 ) ..................................................................	 108
	109	This line intentionally left blank
	110	Total subtraction modifications (from Form IT-225, line 18 ) ...........................................................	 110
	111	Additions to itemized deductions
		
Letter	Amount	
	111a	
	111b	
	111c	

Letter	Amount

111d
111e
111f

	112	Total additions to itemized deductions (add lines 111a through 111f ) .............................................	 112
	113	Subtractions from itemized deductions
Letter	Amount	
		
	113a	
	113b	
	113c	

Letter	Amount

113d
113e
113f

	114	Total subtractions from itemized deductions (add lines 113a through 113f ) ...................................	 114
	115	This line intentionally left blank ..................................................................................................	 115

Section 9 – Other information
	116a	
	116b	
	116c	
	116d	
	116e	

New York source gross income (see instructions) ........................................................................	 116a
MCTD Zone 1 allocation percentage (see instructions) ................................................................	 116b	
MCTD Zone 2 allocation percentage (see instructions) ................................................................	 116c	
Total receipts from the sale of goods by manufacturing ............................................................	 116d
New York adjusted basis of qualified manufacturing property ...................................................	 116e

%
%

	117a	 Did the partnership sell assets subject to IRC 1060? ..........................................................................................	Yes	
No
	117b	 If the partnership filed a group return on behalf of any nonresident partners, enter the special
	
	   NYS identification number .....................................................................................................	 117b
	117c	 Is this partnership a partner in another partnership or LLC? (If  Yes, list the names and EINs below;
		  submit additional sheets if necessary.) ...................................................................................................................	 Yes	No
	

Name of entity	

204007230094

EIN

Page 8 of 9  IT-204 (2023)

Section 10 – New York allocation schedule
Part 1 –	 List all places, both in and outside of NYS, where the partnership carries on business (submit additional sheets if necessary)
	

Street address	

City and state	

Description (see instructions)

	118	Was the books and records method used to reflect income earned in New York? (If No, complete Part 2.) ...........	 Yes	No

Part 2 – Formula basis allocation of income if books and records do not reflect income earned in New York
	 Items used as factors	
A – Totals – in and outside of NYS	 B – New York State amounts	
C – Percent col. B
is of col. A
	 Property percentage (see inst.)	
Dollars	Dollars	
	119	Real property owned ............. 	 119	119
	120	Real property rented from others.	 120	120
	121	Tangible personal property owned.	 121	
121
	121a	 Tangible personal property 		
		  rented from others 		 121a	121a
	122	Property percentage (add lines 119
		
   through 121a; see instructions) . 	 122	
122	
122	%
	123	 Payroll percentage (see instr.) 	 123	
123	
123	%
	124	 Gross income percentage (see instr.) 	 124 	
124 	
124	
%
	125	Total of percentages (total column C, lines 122, 123, and 124) ........................................................................... 	 125	%
	 126	 Business allocation percentage (divide line 125 by three or by actual number of percentages if less than three) .	126	
%

Section 11 – Partners’ credit information (see instructions)
Has the partnership (or an entity of which the partnership is an owner) been convicted of Bribery
  Involving Public Servants and Related Offenses, Corrupting the Government, or Defrauding the
  Government (NYS Penal Law Article 200 or 496, or section 195.20)? .......................................................................... Yes	

Part 1 – Flow-through credit bases and information
	 rownfield redevelopment tax credit (Form IT-611, IT-611.1, and/or IT-611.2)
B
	127	Site preparation credit component .............................................................................................	 127
	128	Tangible property credit component ..........................................................................................	 128
	129	 On-site groundwater remediation credit component ..................................................................	 129
	 130	 This line intentionally left blank ..................................................................................................	 130
	 131 	 This line intentionally left blank ..................................................................................................	 131
	 132 	 This line intentionally left blank ..................................................................................................	 132
	QEZE tax reduction credit (Form IT-604)
	133	 QEZE employment increase factor ............................................................................................	 133
	 134	 QEZE zone allocation factor ......................................................................................................	 134
	135	QEZE benefit period factor ........................................................................................................	 135
Excelsior jobs program tax credit (Form IT-607)
	136 	 Excelsior jobs tax credit component ..........................................................................................	 136
	 137 	 Excelsior investment tax credit component ...............................................................................	 137
	 138 	 Excelsior research and development tax credit component ......................................................	 138
	 139	 Excelsior real property tax credit component ............................................................................	 139
	139a	 Excelsior child care services tax credit component ...................................................................	 139a

204008230094

No

IT-204 (2023)  Page 9 of 9

Part 1 – Flow-through credit bases and information (continued)
	 armers’ school tax credit (Form IT-217)
F
	140 	 Acres of qualified agricultural property ......................................................................................	
	 141 	 Acres of qualified conservation property ...................................................................................	
	 142 	 Eligible school district property taxes paid .................................................................................	
	 143 	 Acres of qualified agricultural property converted to nonqualified use ......................................	
Other flow-through credit bases and information
		
Credit bases
		Code	Amount	
Code	Amount
	144a	
144d
	144b	
144e
	144c	
144f
		
Credit information
		Code	Information	
	 144g	
	144h	
	144i	

Code	Information	

144j	
144k	
144l

Part 2 – Flow-through credits, addbacks and recaptures

	145	Long-term care insurance credit (Form IT-249) ...........................................................................	
	146a	 Investment credit (including employment incentive credit and historic barn rehabilitation credit; Form IT-212) .	
	146b	 Research and development – investment credit (Form IT-212) ..................................................	
	146c	 Investment credit using eligible farmer’s rate (Form IT-212) .......................................................	
	147	Other flow-through credits
		Code	Amount	
Code	Amount
	147a	147e
	147b	
147 f
147g
	147c	
	147d	
147h
	148	Addbacks of credits and recaptures
		Code	Amount	
	148a	
	148b	
	148c	

140
141
142
143

145
146a
146b
146c

Code	Amount

148d
148e
148 f

Part 3 – START-UP NY tax elimination credit information (Form IT-638)

	149	START-UP NY business certificate number (Form DTF-74) .........................................................	 149
	 150	 Year of START-UP NY business tax benefit period ...................................................................	 150
	 151	 START-UP NY area allocation factor .........................................................................................	 151

204009230094