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MATTER OF PROSPECT DAIRY, INC. v. TULLY

53 A.D.2d 755 (1976)

In the Matter of Prospect Dairy, Inc., Petitioner, v. James H. Tully, Jr., et al., Constituting The State Tax Commission, Respondents

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

June 10, 1976

The issue is whether a transfer of assets from a parent to a subsidiary corporation is exempt from the sales tax under section 1101 (subd [b], par [4], cl [ii]) of the Tax Law. Prospect Dairy (hereinafter Dairy) is a subsidiary corporation of Prospect Enterprises, Inc. (hereinafter Enterprises), and is engaged in the processing, distribution and sale of milk products. Enterprises contained a division known as the Handy Stop Food Shops Division (hereinafter Handy), which operates...

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