In This Issue:
Appellate Court Holds “Reconstitution” of Housing Cooperative Is Not Subject to City Transfer Tax; Trial Court Upholds Retroactive Application of 2010 Statutory Amendment; Tribunal Holds S Corporation Shareholder Is a New York Resident, but His Corporation Is Not Subject to the Corporate Tax; Custom Business Analytics Reports Are Not Subject to Sales Tax; and Insights in Brief.
Excerpt from Appellate Court Holds “Reconstitution” of Housing Cooperative Is Not Subject to City Transfer Tax:
Reversing a decision of a Kings County Supreme Court judge, the Appellate Division has unanimously held that a residential housing cooperative corporation’s termination of its participation in the Mitchell-Lama Housing Program did not result in a transfer of real property within the meaning of the New York City real property transfer tax law, and therefore was not subject to the tax. Trump Vill. Section 3, Inc. v. City of New York, 2012 NY Slip Op. 6595 (App. Div., 2d Dep’t, Oct. 3, 2012).
Please see full issue below for more information.
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