Disclaimer: By providing answers to frequently asked questions, the staff of the Rent Guidelines Board attempts to clarify the often complex programs and regulations governing landlord tenant relations in NYC. As explained above, and in contrast to the federal legislation, the Department’s contemplated approach does not assert that the carried interest should be treated like wage compensation, but rather the Department would seek to attribute expense deductions from Management Partnerships to Carried Interest Partnerships. Well, what I did was contact the branch manager of the bank tha the check came from.

Based on the plain language of the statute and administrative guidance, it appears that the statute is designed to permit the Department to allocate an unincorporated business’s income between jurisdictions, rather than to allocate an unincorporated business’s deductions to another unincorporated business. Thus, there may be an argument that the Department lacks legal authority to make the proposed expense …