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1988-3 N.Y. Tax Cas. J-1945 (1988)

handle is hein.nytax/nytcas0003 and id is 1 raw text is: 1988 New York Tax Cases J-1945 STATE OF NEW YORK DIVISION OF TAX APPEALS In the Matter of the Petition of 249 E. 84TH STREET ASSOCIATES 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, 249 E. 84th Street Associates, c/o Schroder Real Estate Associates, 437 Madison Avenue, New York, New York 10022, 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. 803795). On March 14, 1988 petitioner waived a hearing and agreed to submit this matter for determination based upon documentation together with briefs to be submitted by April 5, 1988. After due consideration of the record. Dennis M. Galliher, Administrative Law Judge, renders the following determination. ISSUE Whether the Audit Division properly disallowed certain expenses claimed by petitioner as a part of original purchase price in connection with petitioner's transfer of real property. FINDINGS OF FACT 1. On October 18, 1985 petitioner, 249 E. 84th Street Associates, filed a Claim for Refund of Real Property Transfer Gains Tax seeking a refund of tax paid under Tax Law Article 31-B (gains tax) in the amount of $9,591.00. This claim was based upon petitioner's assertion that certain expenses it had incurred, as enumerated hereinafter, were properly allowable in reduction of the amount of gain received by petitioner on its transfer of real property located at 249 East 84th Street, New York, New York. This transfer occurred on July 18, 1985, at which time gains tax in the amount of $64,158.00 had been paid. 2. Petitioner's claim listed a total of five items of expense upon which the refund was premised, as follows: 1. Tenants' Move Out Fee ($44,579.28) - Amounts paid to relocate tenants in order to satisfy contract requirement to have free and vacant building (documentation attached).

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