§ 1450. General definitions. As used in this article:
    (a)  The word "taxpayer" means a corporation or association subject to
  a tax imposed by this article.
    (b) The phrase "taxable year" means the taxpayer's  taxable  year  for
  federal  income  tax  purposes,  or  the  part  thereof during which the
  taxpayer is subject to the tax imposed by this article.
    (c)  The  term  "international  banking  facility"   shall   mean   an
  international  banking facility located in New York state and shall have
  the same meaning as is set forth in the New York state  banking  law  or
  regulations  of the New York state banking department or as is set forth
  in the laws of  the  United  States  or  regulations  of  the  board  of
  governors of the federal reserve system.
    (d)  The term "subsidiary" means a corporation or association of which
  over fifty percent of the number of shares of stock entitling the  hold-
  ers  thereof  to vote for the election of directors or trustees is owned
  by the taxpayer.
    (e) The term "subsidiary capital" means investments in  the  stock  of
  subsidiaries  and  any  indebtedness  from  subsidiaries,  exclusive  of
  accounts receivable acquired in the ordinary course of trade or business
  for services rendered or for sales of property held primarily  for  sale
  to  customers,  whether or not evidenced by written instrument, on which
  interest is not claimed and deducted by the subsidiary for  purposes  of
  taxation  under  article  nine-A,  thirty-two  or  thirty-three  of this
  chapter, provided, however, there  shall  be  deducted  from  subsidiary
  capital  any  liabilities payable by their terms on demand or within one
  year from the date incurred, other than loans  or  advances  outstanding
  for  more  than  a  year  as  of any date during the year covered by the
  return, which are attributable to subsidiary capital.
    (f) The terms "New York S corporation", "New York S year", "New York S
  election", "New York C corporation", "New  York  C  year",  "termination
  year", "S short year", "C short year", and "New York S termination year"
  shall  have the same meaning as those terms have under subdivision one-A
  of section two hundred eight of this chapter, except that references  in
  such  subdivision  to  article  nine-A  of this chapter shall be read as
  references to this article.
    (g)  The  term  "QSSS"  means  a  corporation  which  is  a  qualified
  subchapter  S  subsidiary  as  defined  in subparagraph (B) of paragraph
  three of subsection (b) of section thirteen  hundred  sixty-one  of  the
  internal  revenue  code. The term "exempt QSSS" means a QSSS exempt from
  tax under this article as provided in subsection (o) of section fourteen
  hundred fifty-three of this article, or a QSSS described in  clause  (i)
  of  subparagraph  (B)  of  paragraph  two  of  subsection (o) of section
  fourteen hundred fifty-three, wherein the parent corporation of the QSSS
  is subject to tax under  this  article,  and  the  assets,  liabilities,
  income   and   deductions  of  the  QSSS  are  treated  as  the  assets,
  liabilities, income and deductions of the parent  corporation.  Where  a
  QSSS is an exempt QSSS, then for all purposes under this article:
    (1)  the  assets,  liabilities, income, deductions, property, payroll,
  receipts, capital, credits, and all other tax attributes and elements of
  economic activity of the QSSS shall be deemed to be those of the  parent
  corporation,
    (2)  the  stocks,  bonds  and  other  securities  issued  by,  and any
  indebtedness from, the QSSS shall  not  be  subsidiary  capital  of  the
  parent corporation,
    (3)   transactions  between  the  parent  corporation  and  the  QSSS,
  including the payment of interest and dividends, shall not be taken into
  account, and

    (4) general executive officers of the  QSSS  shall  be  deemed  to  be
  general executive officers of the parent corporation.
    (h)  The  term  "financial  holding company" means a corporation that,
  pursuant to subsection (l) of section 4  of  the  federal  bank  holding
  company  act  of  nineteen hundred fifty-six, as amended, has filed with
  the federal reserve board a written  declaration  that  the  corporation
  elects to be a financial holding company and whose election has not been
  found to be ineffective by the federal reserve board.