N.Y. TAX. LAW § 633 : NY Code - Section 633: New York source income of a nonresident estate or trust

Search N.Y. TAX. LAW § 633 : NY Code - Section 633: New York source income of a nonresident estate or trust

(a)
  General.  The  New  York  source income of a nonresident estate or trust
  shall be the sum of the following:
    (1) The net amount of  items  of  income,  gain,  loss  and  deduction
  entering  into  federal  adjusted  gross  income,  as  determined  under
  paragraph four of subsection (e) of section  six  hundred  one,  derived
  from  or  connected  with New York sources. Such determination of source
  shall be made in accordance with the applicable  rules  of  section  six
  hundred thirty-one as in the case of a nonresident individual.
    (2)  The portion of the modifications described in section six hundred
  eighteen which relate to income derived from New York sources other than
  that portion of the modification provided in  subsection  three  thereof
  which relates to section six hundred fifteen.
    (b)  Special New York source rules. Deductions with respect to capital
  losses, passive activity losses and net operating losses shall be  based
  solely on income, gains, losses and deductions derived from or connected
  with  New  York  sources,  under  regulations of the tax commission, but
  otherwise determined in the same manner  as  the  corresponding  federal
  deductions.
  *  NB  Effective  January 1, 1988 and applies to taxable years beginning
  after 1987.