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1996-1a N.Y. Tax Cas. T-413 (1996)

handle is hein.nytax/nytcas0032 and id is 1 raw text is: 1996 New York Tax Cases T-413 STATE OF NEW YORK TAX APPEALS TRIBUNAL In the Matter of the Petition of PREFERRED RENTALS, STOCKTON BUILDING, INC. DECISION DTA No. 812073 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. The Division of Taxation filed an exception to the determination of the Administrative Law Judge issued on May 18, 1995 with respect to the petition of Preferred Rentals, Stockton Building, Inc., R.R. #2, Cornwall Hill Road, Patterson, New York 12563. Petitioner appeared by Margolin, Winer & Evens (James L. Tenzer, Esq., of counsel). The Division of Taxation appeared by Steven U. Teitelbaum, Esq. (Donna M. Gardiner, Esq., of counsel). The Division of Taxation filed a brief in support of its exception. Petitioner filed a brief in opposition. The Division of Taxation informed the Tax Appeals Tribunal that it would not be submitting a brief in reply. Such letter was received on September 26, 1995, which date began the six-month period for the issuance of this decision. The Division of Taxation's request for oral argument was denied. The Tax Appeals Tribunal renders the following decision per curiam. Issues I. Whether a settlement payment for the removal of a lis pendens is properly included in the computation of original purchase price for purposes of applying the real property transfer gains tax. I. Whether legal fees associated with settling a lis pendens are properly included in the computation of original purchase price for purposes of applying the real property transfer gains tax. IllI. Whether petitioner has established reasonable cause for abatement of the penalties. Findings of Fact We find the facts as determined by the Administrative Law Judge except for findlngR of fact 2, 4 and 5 which have been modified. The Administrative Law Judge's findings of fact and the modified findings of fact are set forth below.

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