§ 305. Exempt entities.–No corporation or unincorporated business shall be a petroleum business subject to tax under this article because it imported or caused motor fuel, diesel motor fuel or residual petroleum product to be imported into this state or produced, refined, manufactured or compounded such products in this state where such motor fuel, diesel motor fuel or residual petroleum product is exclusively for the use and consumption of such corporation or unincorporated business and such corporation or incorporated business is an organization described in subdivision (a) of section eleven hundred sixteen of this chapter.

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Terms Used In N.Y. Tax Law 305

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: includes a corporation, joint-stock company or association and any business conducted by a trustee or trustees wherein interest or ownership is evidenced by certificate or other written instrument. See N.Y. Tax Law 300
  • diesel motor fuel: means such term as defined in subdivision fourteen of section two hundred eighty-two of this chapter, and

    (2) "highway diesel motor fuel" means such term as defined in subdivision sixteen-a of section two hundred eighty-two of this chapter, and

    (3) "non-highway diesel motor fuel" means such term as defined in subdivision sixteen of section two hundred eighty-two of this chapter. See N.Y. Tax Law 300
  • motor fuel: means such term as defined in subdivision two of section two hundred eighty-two of this chapter. See N.Y. Tax Law 300
  • petroleum business: means : (1) With respect to motor fuel, every corporation and unincorporated business (i) importing motor fuel or causing motor fuel to be imported into the state for use, distribution, storage or sale in the state, or (ii) producing, refining, manufacturing or compounding motor fuel in the state. See N.Y. Tax Law 300
  • residual petroleum product: means the topped crude of refinery operations which includes products commonly designated by the petroleum refining industry as "No. See N.Y. Tax Law 300
  • unincorporated business: means any trade, business or occupation conducted, engaged in or being liquidated by an individual or unincorporated entity, including a partnership, joint venture, sole proprietorship, unincorporated association, fiduciary, or a corporation in liquidation. See N.Y. Tax Law 300
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