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NYC's authority to impose personal income tax is granted by NYS and only on tax residents of the city, in accordance with Tax Law §1301. In other words, if your client is a NR of NYC, no NYC tax should be payable on the capital gain.
NYC's authority to impose personal income tax is granted by NYS and only on tax residents of the city, in accordance with Tax Law §1301. In other words, if your client is a NR of NYC, no NYC tax should be payable on the capital gain.
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