Shearson v. State Tax Commission

This special proceeding was instituted pursuant to article 78 of the Civil Practice Act and section 199 of article 9 of the Tax Law and transferred to this court pursuant to section 1296 of the Civil Practice Act.

The petitioners seek a review of a determination of the Tax Commission which held that the total amount of interest, dividends, capital gains and losses from the securities in the individual accounts of the partners was properly includable in computing the gross income and net income of the partnership for the years 1952, 1953 and 1954 for unincorporated business tax purposes under…