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ARBESFELD v. TAX COMM.

62 A.D.2d 627 (1978)

In the Matter of Arbesfeld, Goldstein et al., Petitioners, v. State Tax Commission, Respondent

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

June 8, 1978

Attorney(s) appearing for the Case

Aranow Brodsky Bohlinger Benetar & Einhorn (Samuel Brodsky and John D. Caplan of counsel), for petitioners.

Louis J. Lefkowitz, Attorney-General (Nigel G. Wright and Ruth Kessler Toch of counsel), for respondent.

MAHONEY, P. J., STALEY, JR., LARKIN and MIKOLL, JJ., concur.

KANE, J.

In 1967 Hyman Arbesfeld entered into a 10-year employment contract to manage the Beverly Hotel in New York City for a stated portion of the profits of that business. The agreement also specified that he was to loan the employer $150,000 at 4% interest upon repayment terms extending over the life of the contract. Lacking the total sum himself, Arbesfeld solicited...

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