Peck v. New York State Tax Commission

— Proceeding pursuant to CPLR article 78 (transferred to this court by order of the Supreme Court at Special Term, entered in Albany County) to review a determination of the State Tax Commission which sustained an unincorporated business tax deficiency and a personal income tax deficiency. In 1948, petitioners Albert and Charles Peck (petitioners) inherited from their father, as tenants in common, all the property in- and around Peck’s Lake in Fulton County. Shortly thereafter, they formed a partnership, known as Peck Brothers, for the purpose of managing the real property and operating the…