Matter of N.Y. World-Telegram Corp. v. McGoldrick
New York Court of Appeals
I. The installment payments made by petitioner and credited to its purchase option for the period from Decembe'r 10, 1934, to July 1, 1940, are not subject to tax. An agreement which imposes an unconditional obligation to pay for tangible personal property with the right or option in the obligor to become the owner of such property upon full compliance with the terms of the contract is a conditional sale agreement.
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I. The installment payments made by petitioner and credited to its purchase option for the period from Decembe'r 10, 1934, to July 1, 1940, are not subject to tax. An agreement which imposes an unconditional obligation to pay for tangible personal property with the right or option in the obligor to become the owner of such property upon full compliance with the terms of the contract is a conditional sale agreement. (Uniform Laws Annotated, Vol. 2A, p. 23; Williston on Sales [2d ed.], Vol. I, § 336; Central Union Gas Go. v. Browning, 210 N. Y. 10.) II. The payments made on account of interest,…
1Opinion of the CourtThacher, J.
In January, 1931, the organization became interested in acquiring the New York World and the New York Telegram and this was accomplished by acquiring through various corporations the names, good will and intangible assets of the morning and evening World and all the assets, tangible and intangible, of the Nevo York Telegram. As the result of various changes of corporate names and intercorporate transactions the properties were vested in two companies: World-Telegram Building and Equipment Corporation (which will be referred to as the Equipment Company) and New York World-Telegram Corporation…
2Cases cited5 opinions
- Central Union Gas Co. v. . BrowningNew York Court of Appeals · 1913
- Gardner v. Town of CameronAppellate Division of the Supreme Court of the State of New York · 1913
- George A. Ohl & Co. v. Standard Steel Sections, Inc.Appellate Division of the Supreme Court of the State of New York · 1917
- Gardner v. . Town of CameronNew York Court of Appeals · 1915
- Equitable General Providing Co. v. EisentragerAppellate Terms of the Supreme Court of New York · 1901
3Cited by26 opinions
- Feder v. CaliguiraNew York Court of Appeals · 1960
- Quigley v. CapolongoAppellate Division of the Supreme Court of the State of New York · 1976
- Dubay v. Trans-America InsuranceAppellate Division of the Supreme Court of the State of New York · 1980
- Robert Allen and Helen Allen v. Ronald S. Cohen, Trustee in Bankruptcy of Melvin F. CadyCourt of Appeals for the Second Circuit · 1962
- Dime Laundry Service, Inc. v. 230 Apartments Corp.New York Supreme Court · 1983
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