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1991-4 N.Y. Tax Cas. J-1315 (1991)

handle is hein.nytax/nytcas0012 and id is 1 raw text is: 1991 New York Tax Cases J-1315 STATE OF NEW YORK DIVISION OF TAX APPEALS In the Matter of the Petition of ALBE REALTY CO. DETERMINATION for Revision of a Determination or for Refund of Tax on Gains Derived from Certain Real Property Transfers under Article 31-B of the Tax Law. Petitioner, Albe Realty Co., c/o Carl Caller, Esq., 4311 13th Avenue, Brooklyn, New York 11219, filed a petition for revision of a determination or for refund of tax on gains derived from certain real property transfers under Article 31-B of the Tax Law (File No. 807449). A hearing was held before Dennis H. Galliher, Administrative Law Judge, at the offices of the Division of Tax Appeals, Two World Trade Center, New York, New York, on November 1, 1990, at 3:45 P.M., with all briefs to be submitted by April 10, 1991. Petitioner appeared by N.C. Caller, P.C. (Carl Caller, Esq., of counsel). The Division of Taxation appeared by William F. Collins, Esq. (Kenneth J. Schultz, Esq., of counsel). ISSUES I. Whether petitioner is entitled to a refund of all gains tax paid in connection with its transfers of cooperative apartment units as sponsor under a cooperative conversion plan on the basis that no additional units (though in existence) are being offered for sale, and that actual consideration received for those units transferred was less than $1,000,000.00. II. Whether, if a complete refund is not granted, petitioner is nonetheless entitled to reduce its gain per share and thus its tax liability based on allowance of certain expenses incurred in connection with its placement of a mortgage on the property which Is the subject of the cooperative conversion. [II. Whether, again assuming a complete refund is not granted, petitioner is entitled to abatement of some or all of the late filing/late payment penalties assessed in connection with certain of the unit transfers made to date.

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