This form is for general instructions that apply to all corporation tax forms. It includes a variety of topics about how to fill out your form.An S Corporation is subject to the Gener- al Corporation Tax and must file either. The general corporation tax (GCT) only applies to subchapter S corporations and qualified subchapter S subsidiaries under the US Internal Revenue Code. The owning or leasing of real or personal property within New York City constitutes an activity that subjects a corporation to tax. The owning or leasing of real or personal property within New York State constitutes an activity which subjects a foreign corporation to tax. This article offers guidance on helping clients take advantage selling personal goodwill as a tax strategy. The city could impose its corporate tax on the gain on the sale of a partnership interest in a partnership that did business in New York City.