Kalikow Yaphank Development Corp. v. Tax Appeals Tribunal

—Spain, J.

Proceeding pursuant to CPLR article 78 (initiated in this Court pursuant to Tax Law § 2016) to review a determination of respondent Tax Appeals Tribunal which sustained a real property gains tax assessment imposed under Tax Law article 31-B.

The facts are not in dispute. In 1986 petitioner, purchased approximately 241 acres of vacant land in the Town of Brook-haven, Suffolk County, for $2,138,875. Petitioner intended to develop it as a residential subdivision; it proceeded to spend considerable time and money, including fees for the services of attorneys, architects and engineers, to…