Section 11-704 (f) of the Administrative Code of the City of New York, which limits rent subject to the commercial rent or occupancy tax to 15% of gross receipts of the tenant/taxpayer, applies only to that portion of the rent paid and calculated solely on the basis of gross receipts from petitioner Square Plus's parking facility at 300 West 50th Street in Manhattan. The section does not apply to the guaranteed minimum portion of such rent, as clearly illustrated by illustration...
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