Administrative Code of the City of New York § 11-507 (3) authorizes unincorporated businesses to deduct any deductions which are allowed for Federal income tax purposes except those "amounts paid or incurred to a proprietor or partner for services or for use of capital." The statute is unambiguous and must be interpreted pursuant to the plain meaning of its words. As the deductions at issue here, namely, unrealized receivables which represented the retiring partners...
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