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

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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).

Please see full issue below for more information.

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