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).

Please see full issue below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


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.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.