Faulkner 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 tax assessment under article 23 of the Tax Law. Petitioner is a securities brokerage firm. It pays to its "registered representatives” a commission of one third of the commission the firm receives from the representative’s sales. Mainly for the cosmetic purpose of bestowing more prestige upon these representatives, petitioner admitted them as partners with a nominal (approximately 1%)…