MoFo New York Tax Insights - Volume 5, Issue 2 - February 2014

In This Issue:

Governor Cuomo Releases Ambitious 2014-15 Executive Budget; Third Department Holds Transfer of Condemned Property Did Not Occur Until After Gains Tax Was Repealed; Trial Court Upholds Constitutionality of Treating Nonresidents’ Gain on 338(h)(10) Transaction as New York Source Income; State Rules on Production Credit Allocation Method for Broker-Dealers; ALJ Finds Graphic Design Firm Furnished Advertising Services Exempt from Sales Tax; and Insights in Brief.

Excerpt from Governor Cuomo Releases Ambitious 2014-15 Executive Budget -

On January 21, 2014, New York State Governor Andrew Cuomo released the 2014-2015 Executive Budget. It contains an ambitious and potentially far-reaching set of tax proposals, many of which are consistent with recommendations recently made by the Governor’s New York State Tax Reform & Fairness Commission and the New York State Tax Relief Commission. The deadline for enactment of the budget is April 1, 2014.

Please see full issue below for more information.

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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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