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1990-3 N.Y. Tax Cas. J-1247 (1990)

handle is hein.nytax/nytcas0008 and id is 1 raw text is: 1990 New York Tax Cases J-1247 STATE OF NEW YORK DIVISION OF TAX APPEALS In the Matter of the Petition of AIRE BON 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, Aire Bon Associates, 17 Bon Aire Circle, Suffern, New York 10901, 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. 806332). A hearing was held before Arthur S. Bray, Administrative Law Judge, at the offices of the Division of Tax Appeals, Two World Trade Center, New York, New York on September 14, 1989 with all briefs submitted by January 22, 1990. Petitioner appeared by Lapatin, Lewis, Green & Kaplan, P.C. (Benjamin Lewis, Esq., of counsel). The Division of Taxation appeared by William F. Collins, Esq. (Andrew J. Zalewski, Esq., of counsel). ISSUE Whether petitioner has established that penalties asserted for failure to timely file certain returns and timely remit tax due should be abated. FINDINGS OF FACT 1. Petitioner, Air Eon Associates, was the sponsor of a plan to convert to cooperative ownership the premises known as Bon Aire Park Cooperative I. On or about July 13, 1982, petitioner filed the offering plan and began sales of the cooperative units. Petitioner sold approximately 75 percent of the units prior to March 28, 1983 which was the effective date of the tax on the gains from the transfer of real property. All of the units were sold by the end of 1984 or the beginning of 1985. 2. In February 1987, the Division of Taxation (Division) commenced a field audit which led to the conclusion that petitioner sold 10,615 shares, allocable to 42 cooperative apartment units, which were subject to real property gains tax. On June 30, 1988, on the basis of the audit, the Division issued a Statement of Proposed Audit Adjustment which stated that tax was due in the amount of $238,231.00 plus penalty of $83,381.00 and interest of $128,622.85 for a total amount due of $450,234.85. On or about August 11, 1988, petitioner remitted $366,854.00 to the Division

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