Legal Opinion
Carret & Co. v. State Tax Commission
Appellate Division of the Supreme Court of the State of New York
Decided June 29, 1989PublishedCited by 4 opinions
1Opinion of the Court
OPINION OF THE COURT
Mikoll, J.
Petitioner is a brokerage and investment counselling firm which also made investments for its own account. During petitioner’s fiscal year ending September 30, 1979, it bought and sold eight soybean futures contracts on the Chicago Board of Trade realizing a net gain of $214,215. Petitioner reported this gain on its State corporation franchise tax return as investment income. The Audit Division of the Department of Taxation and Finance, after an audit, issued a notice of deficiency for additional tax due, concluding that the net gain was not investment income but…
2Cases cited5 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- Sinva, Inc. v. Merrill, Lynch, Pierce, Fenner & Smith, Inc.District Court, S.D. New York · 1966
- McCurnin v. Kohlmeyer & Co.District Court, E.D. Louisiana · 1972
- All Seasons Resorts, Inc. v. AbramsNew York Court of Appeals · 1986
- Claim of Zalenski v. Crucible Steel, Inc.Appellate Division of the Supreme Court of the State of New York · 1982
3Cited by4 opinions
- Pohatcong Investors, Inc. v. Commissioner of Taxation & FinanceAppellate Division of the Supreme Court of the State of New York · 1989
- RCA International Development Corp. v. New York City Tax Appeals TribunalAppellate Division of the Supreme Court of the State of New York · 1998
- Xerox Corp. v. New York State Tax Appeals TribunalAppellate Division of the Supreme Court of the State of New York · 2013
- Xerox Corp. v. New York State Tax Appeals TribunalAppellate Division of the Supreme Court of the State of New York · 2013