GEN. SIGNAL CORP. v. TAX COMM.


49 A.D.2d 419 (1975)

In the Matter of General Signal Corporation, Petitioner, v. State Tax Commission, Respondent

Appellate Division of the Supreme Court of the State of New York, Third Department.

November 26, 1975


Attorney(s) appearing for the Case

Cahill Gordon & Reindel (W. Leslie Duffy of counsel), for petitioner.

Louis J. Lefkowitz, Attorney-General (Robert W. Bush and Ruth Kessler Toch of counsel), for respondent.

HERLIHY, P. J., KOREMAN, MAIN and REYNOLDS, JJ., concur.


GREENBLOTT, J.

In this proceeding, the petitioner claims that the State Tax Commission has improperly denied it permission to deduct from its 1968 State franchise tax report, the sum of $3,459,993 of notes receivable from Avion Electronics, Inc., a wholly owned subsidiary of petitioner. These amounts were deducted from petitioner's Federal taxable income as worthless bad debts, and petitioner contends that the...

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