MoFo New York Tax Insights - Volume 3, Issue 7 - July 2012

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In This Issue:

Gain on Sale of New York Property Allocated Entirely to New York; Failure to Establish Value of Assets in a Bulk Sale Leads to Liability for Entire Sales Tax Deficiency; Entitlement to QEZE Credits Affirmed by Tribunal; Environmental Testing and Monitoring Services Held Subject to Sales Tax; New Tax Credits, Exemptions and Licenses for Craft Brewers; and Insights in Brief.

Excerpt from Gain on Sale of New York Property Allocated Entirely to New York

In Matter of Ronald K. and Maxine H. Linde, DTA No. 823300 (N.Y.S. Tax App. Trib., May 24, 2012), the New York State Tax Appeals Tribunal substantially affirmed the decision of an Administrative Law Judge that income earned by a nonresident partnership from the sale of New York real property should be allocated entirely to New York.

Please see full issue below for more information.

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Published In: Administrative Agency Updates, General Business Updates, Environmental Updates, Residential Real Estate Updates, Tax Updates

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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