Legal Opinion
Gaines v. Tully
Appellate Division of the Supreme Court of the State of New York
Decided January 18, 1979PublishedCited by 6 opinions
1Opinion of the Court
*107OPINION OF THE COURT
Herlihy, J.
The petitioner, Gaines, owned a New York Stock Exchange (NYSE) seat which, pursuant to the rules of the NYSE and his partnership agreement with the other individual petitioners, he was required to own and make available to the partnership in order to remain a partner. In 1967 he sold the seat and reported the income thereof as his personal income, but the partnership did not report such income for the purpose of the unincorporated business tax.
The record established that the seat was available for partnership purposes as long as Gaines was a member of the…
2Cases cited2 opinions
- Shearson v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1963
- Matter of Shearson, Hammill & Co. v. State Tax Comm'n of the State of New YorkNew York Court of Appeals · 1964
3Cited by6 opinions
- Merrick v. TullyAppellate Division of the Supreme Court of the State of New York · 1979
- Gaines v. TullyNew York Court of Appeals · 1980
- Freiday & Co. v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1979
- Freiday & Co. v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1979
- Freiday & Co. v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1979
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