MoFo New York Tax Insights - Volume 3, Issue 6 - June 2012


In This Issue:

ALJ Holds New Resident’s Gain on Sale of Former Connecticut Home is Subject to New York Income Tax; Tribunal Reinstates Peter Madoff Petition; Banking Department’s Definition of “Gross Income” Not Properly Promulgated; Court Upholds Denial of Access to World Trade Center Site Leases on Grounds of Tax Secrecy; Insurance Company’s Franchise Tax Payment Cannot Offset Prior Year’s Retaliatory Tax Liability; ALJ Finds Electronic Newsletter Content to be a Taxable Information Service; Factual Issues Concerning Alleged “Tax Avoidance Transactions” Prevent Summary Judgment for Taxpayer; and Insights in Brief

Excerpt from ALJ Holds New Resident’s Gain on Sale of Former Connecticut Home is Subject to New York Income Tax

An individual who sold her out-of-state home and moved into New York has received an unusual welcome—a New York State and City income tax bill on her gain from the sale of her former home. In a case of first impression at the Division of Tax Appeals, an Administrative Law Judge held that the individual’s gain from the sale of her Connecticut home, the closing for which took place 20 days after she moved into New York, accrued to her New York resident period and was therefore subject to New York State and City resident income tax. Matter of Glenna Michaels, DTA No. 823370 (N.Y.S. Div. of Tax App., Apr. 12, 2012).

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