N.Y. GCM Law § 20

§ 20. Gross income defined. 1. The term "gross income" includes gains,\nprofits and income derived from the business, of whatever kind and in\nwhatever form paid, including gains, profits or income from dealings in\nproperty, whether real or personal, or gains, profits or income received\nas compensation for services, as interest, rents, commissions, brokerage\nor other fees, or otherwise in carrying on such business, including all\ndividends received on stocks and all interest received from federal,\nstate, municipal or other bonds.\n 2. If the gross income of a taxpayer is derived from business carried\non both within and without the city, "gross income" means that\nproportion thereof which is derived from business carried on within the\ncity, to be allocated and determined on the basis of separate accounting\nfor each office or branch or, at the election of the taxpayer, under\nrules and regulations prescribed by the director of finance.\n 3. "Gross income" of a savings bank shall include the amount received\nby it in any taxable year as a distribution in liquidation of the mutual\nsavings bank fund.\n