Kreiss v. New York State Tax Commission

— Appeal from a judgment of the Supreme Court at Special Term (Williams, J.), entered August 9, 1982 in Albany County, which dismissed petitioners’ application, in a proceeding pursuant to CPLR article 78, to review a determination of the State Tax Commission which denied petitioners’ request for a refund of personal income tax. Petitioners sold their interest in three taxicab medallions in 1974 resulting in a long-term capital gain of some $40,000. They reported the gain on both their Federal and New York State income tax returns for that year. Litigation was commenced the same year…