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1995-1a N.Y. Tax Cas. T-419 (1995)

handle is hein.nytax/nytcas0027 and id is 1 raw text is: 1995 New York Tax Cases T-419 STATE OF NEW YORK TAX APPEALS TRIBUNAL In the Matter of the Petition of SEASIDE DEVELOPMENT CORPORATION : DECISION DTA No. 808089 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 Seaside Development Corporation, 122 Cuttermill Road, Great Neck, New York 11021, filed an exception to the determination of the Administrative Law Judge issued on June 16, 1994. Petitioner appeared by Certilman, Balin, Adler & Hyman (Howard M. Stein, Esq., of counsel). The Division of Taxation appeared by William F. Collins, Esq. (David C. Gannon, Esq., of counsel). Petitioner filed a brief in support of its exception. The Division of Taxation submitted a letter stating it would not be filing a brief. This letter was received on October 6, 1994, which date began the six-month period for the issuance of this decision. Oral argument, requested by petitioner, was denied. Commissioner Koenig delivered the decision of the Tax Appeals Tribunal. Commissioner Dugan concurs. Issues I. Whether petitioner's original purchase price for the acquisition of real property included amounts paid pursuant to contracts for the sale of two restaurant businesses. II. Whether the assignment fee paid for the assignment of five contracts to petitioner was subject to apportionment. III. Whether maintenance fees paid by petitioner to the cooperative housing corporation after transfer of shares of stock to the cooperative housing corporation may be included in petitioner's calculation of original purchase price. IV. Whether the determination of the Administrative Law Judge improperly sustained the disallowance by the Division of Taxation of capital improvement costs and should the matter be remitted to the Division of Tax Appeals solely to determine what portion of petitioner's maintenance costs should be included in the origianl purchase price.

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