MoFo New York Tax Insights - Volume 4, Issue 9 - September 2013

Explore:  ALJ Tax Rates

In This Issue:

Gain on Sale of Non-New York Leaseholds Held Properly Sourced to New York Based on Business Allocation Percentage; Tribunal Reverses Dismissal and Allows Case to Proceed Before ALJ; Federal Court Dismisses Challenge to Tax Penalties Under Comity; When Does Interest Start to Run on a Tax Refund?; and Insights in Brief.

Excerpt from Gain on Sale of Non-New York Leaseholds Held Properly Sourced to New York Based on Business Allocation Percentage -

A New York State Administrative Law Judge held that a nonresident shareholder in a corporation that elected New York S corporation status should have included his pro rata share of the gain from the S corporation’s sale of four Pennsylvania leasehold interests in his New York source income, based on the S corporation’s business allocation percentage. Matter of Steven E. Breitman, DTA No. 824268 (N.Y.S. Div. of Tax App., Aug. 1, 2013).

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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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