Delmhorst v. State Tax Commission

— Proceeding pursuant to CPLR article 78 (transferred to this court by order of the Supreme Court at Special Term, entered in Albany County) to review a determination of the State Tax Commission which sustained a *982deficiency in the amount of personal income tax paid pursuant to article 22 of the Tax Law. In April of 1941; Berton J. Delmhorst, decedent, purchased a New York Stock Exchange seat for $29,000. On December 28,1967, he sold the seat to his son for $457,000, pursuant to a voluntary payment subordination agreement which provided that his son was to pay interest quarterly at the rate of…