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  5. 6 N.Y.2d 322 (1959)
 

MATTER OF MARX v. BRAGALINI

6 N.Y.2d 322 (1959)

In the Matter of Leonard Marx, Appellant, v. George M. Bragalini et al., Constituting the Tax Commission of the State of New York, Respondents.

Court of Appeals of the State of New York.

Decided July 8, 1959.

Attorney(s) appearing for the Case

Harry Janin and Joseph H. Crown for appellant.

William C. Warren, amicus curiæ, in support of appellant's position.

Louis J. Lefkowitz, Attorney-General (Robert W. Bush of counsel), for respondents.

Chief Judge CONWAY and Judges DESMOND, DYE, FROESSEL, VAN VOORHIS and BURKE concur.

FULD, J.

The question presented is whether a distribution in cash by a corporation to its shareholders from unrealized appreciation in the value of its assets is taxable income to a receiving shareholder under article 16 of the New York Tax Law, to the extent that it does not exceed the cost or basis of his stock in the distributing corporation.

The facts are...

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