National Bulk Carriers, Inc. v. New York City Tax Appeals Tribunal

Decision of respondent New York City Tax Appeals Tribunal, dated November 30, 2007, sustaining a notice of deficiency for petitioner’s New York City General Corporate Tax (GCT) returns for calendar years 1997, 1998 and 1999, unanimously confirmed, the petition denied and the proceeding pursuant to CPLR article 78, commenced in this Court pursuant to CPLR 506 (b) (4), dismissed, without costs.

The Tribunal’s decision, that it is the ratable share of the fair market value of petitioner’s partnership assets, rather than the book value of its partnership interests, that should be used to compute…