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MTR. OF GAINES v. TULLY

66 A.D.2d 106 (1979)

In the Matter of Arthur A. Gaines et al., as Copartners, Doing Business as Gaines, Reis & Co., et al., Petitioners, 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.

January 18, 1979

Attorney(s) appearing for the Case

O'Connell & Aronowitz, P. C. (Daniel M. Sleasman of counsel), for petitioners.

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

KANE, STALEY, JR., and MAIN, JJ., concur with HERLIHY, J.; MAHONEY, P. J., dissents and votes to confirm in an opinion.

HERLIHY, J.

The petitioner, Gaines, owned a New York Stock Exchange (NYSE) seat which, pursuant to the rules of the NYSE and his partnership agreement with the other individual petitioners, he was required to own and make available to the partnership in order to remain a partner. In 1967 he sold the seat and reported the income thereof as his personal income, but the partnership did not report such income for...

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