Delmhorst v. State Tax Commission

Yesawich, Jr., J.,

dissents and votes to confirm in the following memorandum. Yesawich, Jr., J. (dissenting). I respectfully dissent. This case falls squarely within the language of section 632 (subd [b], par [2]) of the Tax Law which taxes “interest * * * from the disposition of intangible personal property” to the extent that the property was used in a “business, trade, profession, or occupation carried on in this state”. Surely a New York Stock Exchange seat producing income over a 35-year period which increases in value during that time by more than $400,000 is intangible New York property…