National Bulk Carriers, Inc. v. New York City Tax Appeals Tribunal

Appellate Division of the Supreme Court of New York

National Bulk Carriers, Inc. v. New York City Tax Appeals Tribunal

61 A.D.3d 522, 877 N.Y.S.2d 279

CourtAppellate Division of the Supreme Court of the State of New York

DecidedApril 16, 2009

StatusPublished

Cited by4 cases

This text of 61 A.D.3d 522 (National Bulk Carriers, Inc. v. New York City Tax Appeals Tribunal) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

National Bulk Carriers, Inc. v. New York City Tax Appeals Tribunal, 61 A.D.3d 522, 877 N.Y.S.2d 279 (N.Y. Ct. App. 2009).

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Opinion

Decision of respondent New York City Tax Appeals Tribunal, dated November 30, 2007, sustaining a notice of deficiency for petitioner’s New York City General Corporate Tax (GCT) returns for calendar years 1997, 1998 and 1999, unanimously confirmed, the petition denied and the proceeding pursuant to CPLR article 78, commenced in this Court pursuant to CPLR 506 (b) (4), dismissed, without costs.

The Tribunal’s decision, that it is the ratable share of the fair market value of petitioner’s partnership assets, rather than the book value of its partnership interests, that should be used to compute the GCT on capital pursuant to Administrative Code of the City of NY § 11-604 (2) is rationally based and supported by substantial evidence, and is thus entitled to deference (see Matter of Citrin Cooperman & Co., LLP v Tax Appeals Trib. of City [523]*523of NY., 52 AD3d 228 [2008]). Even if petitioner’s construction of the Tax Law is reasonable, petitioner cannot prevail as it fails to show that such construction is “the only reasonable construction” (Matter of Bamberger Polymers v Chu, 111 AD2d 589, 591 [1985], lv denied 66 NY2d 603 [1985]). We have considered petitioner’s remaining arguments and find them without merit. Concur—Saxe, J.P., Friedman, Sweeny and Acosta, JJ.

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Decision of respondent New York City Tax Appeals Tribunal, dated November 30, 2007, sustaining a notice of deficiency for petitioner’s New York City General Corporate Tax (GCT) returns for calendar years 1997, 1998 and 1999, unanimously confirmed, the petition denied and the proceeding pursuant to CPLR article 78, commenced in this Court pursuant to CPLR 506 (b) (4), dismissed, without costs.

The Tribunal’s decision, that it is the ratable share of the fair market value of petitioner’s partnership assets, rather than the book value of its partnership interests, that should be used to compute the GCT on capital pursuant to Administrative Code of the City of NY § 11-604 (2) is rationally based and supported by substantial evidence, and is thus entitled to deference (see Matter of Citrin Cooperman & Co., LLP v Tax Appeals Trib. of City [523]*523of NY., 52 AD3d 228 [2008]). Even if petitioner’s construction of the Tax Law is reasonable, petitioner cannot prevail as it fails to show that such construction is “the only reasonable construction” (Matter of Bamberger Polymers v Chu, 111 AD2d 589, 591 [1985], lv denied 66 NY2d 603 [1985]). We have considered petitioner’s remaining arguments and find them without merit. Concur—Saxe, J.P., Friedman, Sweeny and Acosta, JJ.

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Bluebook (online)

61 A.D.3d 522, 877 N.Y.S.2d 279, Counsel Stack Legal Research, https://law.counselstack.com/opinion/national-bulk-carriers-inc-v-new-york-city-tax-appeals-tribunal-nyappdiv-2009.

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