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Conformity, the Lockdown, and New York’s Audit of Like-Kind Exchanges

By Farrell Fritz P.C. on June 8, 2020
Posted in State Tax Issues

Conforming

About sixty years ago, New York revised its personal income tax law to achieve close conformity with the Federal system of income taxation. The stated purpose for the revision was to simplify tax return preparation, improve compliance and enforcement, and aid in the interpretation of tax law provisions.[i] In furtherance of this policy…

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