Colgate v. New York State Tax Commission

Main, J. P.

Proceeding pursuant to CPLR article 78 (transferred to this court by order of the Supreme Court, entered in Albany County) to review a determination of respondent which sustained a gift tax deficiency assessment imposed under Tax Law article 26-A.

At issue in this proceeding is the valuation of certain gifts of stock made by petitioner and decedent in 1976. Inasmuch as the stock was not publicly traded, valuation of these gifts was difficult, and an independent appraiser was hired to appraise the stock for gift tax purposes. The appraiser valued the stock at net asset value…