Davis v. O'Callaghan

One of the defenses stricken out sets forth facts purporting to show a violation of the provisions of section 270 of the Tax Law, in that it alleges that no tax was paid at the time of the transaction set forth in the complaint. This transaction (the, complaint plainly indicates) was one involving the sale of shares of stock, and the transfer of a certificate representing same. The defense, as we construe it, sufficiently alleges these facts. Section 278 of the Tax Law provides, in substance, that no transfer of certificates, taxable as provided in section 270, shall be made the basis of any…