Statutory Guidelines [Appendix A(6) Revenue Procedure 93-34] regarding rules under which a designated settlement fund described in section 468B(d)(2) of the Internal Revenue Code or a qualified settlement fund described in section 1.468B-1 of the Income Tax Regulations will be considered "a party to the suit or agreement" for purposes of section 130.
New York Revenue Procedure 93-34, also known as NY RP 93-34, is an important document issued by the New York State Department of Taxation and Finance. This revenue procedure outlines specific guidelines and procedures that taxpayers in New York must follow regarding the reporting and treatment of certain tax transactions. It serves as a comprehensive resource for taxpayers, tax professionals, and government officials alike. NY RP 93-34 primarily focuses on addressing various types of tax transactions, including like-kind exchanges under Section 1031 of the Internal Revenue Code. This revenue procedure provides detailed instructions on how taxpayers should report and treat these exchanges for New York State tax purposes. It lays out the requirements, limitations, and applicable forms and schedules relating to like-kind exchanges. Furthermore, NY RP 93-34 covers other types of tax transactions, such as installment sales and involuntary conversions. It specifically addresses how these transactions should be reported, the necessary documentation, and any unique considerations for New York State tax purposes. This revenue procedure is crucial for taxpayers because it clarifies the specific rules and regulations that must be followed to comply with New York State tax laws. It ensures consistency and accuracy in reporting tax transactions, preventing potential issues or disputes with the tax authorities. It's important to note that New York Revenue Procedure 93-34 may have different versions or updates over time. Taxpayers and tax professionals should always refer to the most recent version or any subsequent amendments issued by the New York State Department of Taxation and Finance to ensure compliance with the latest regulations. In summary, New York Revenue Procedure 93-34 is a comprehensive document that provides detailed guidance and requirements for various tax transactions in New York State. It is a valuable resource for taxpayers and tax professionals to ensure proper reporting and treatment of these transactions for New York State tax purposes.
