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Hi Everyone, In need of help about the following issue. A Texas based S Corp which owns and rents houses. 3 of the 4 properties are in Texas. Its fourth property is in New York City and collected rent from it in 2021. Does the corporation needs to pay "General Corporation Tax" (on from NYC-4S) for all its profit (including profit from properties in Texas)? Or only profit made from the NYC property? In ATX; NYC-4S is bringing Federal Taxable Income (which includes income from Texas property) from NYC-ATT-S and calculates tax on it (8.85%). In addition, its charging .04% on average total net capital of the company. My question is, shouldn't the company pay tax to NYC on income earned only in NYC and pay tax on capital that is held only in NYC? Any suggestion is appreciated. Thank you in advance.