MoFo New York Tax Insights - Volume 3, Issue 2 - February 2012

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In this issue: Tribunal holds Government Financing Agreements Do Not Qualify as Investment Capital; Governor Cuomo Releases 2012-13 Executive Budget; State Rules That Per-Use Fees for Laser Surgery Equipment Are Presumed Subject to Sales Tax; ALJ Accepts Unsigned Tax Return Disavowed By Taxpayers; Proof of Mailing of Unsigned Conciliation Order Sufficient to Start 90-Day Protest Period; and Insights in Brief.

Excerpt from 'Tribunal Holds...':

Reversing the decision of an Administrative Law Judge, the New York State Tax Appeals Tribunal has held that equipment financing agreements between Xerox Corporation and various governmental entities did not qualify as “investment capital,” and denied the refund sought by Xerox. Matter of Xerox Corporation, DTA No. 822620 (N.Y.S. Tax App. Trib., Jan. 12, 2012).

At issue in this case was interest income earned by Xerox from financing agreements entered into with governmental entities. In various types of leases and installment sale arrangements, which allowed the governmental entities to pay for equipment over a period of time, Xerox received payment for the equipment it provided, plus interest income.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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