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GURNEY v. TULLY

67 A.D.2d 303 (1979)

In the Matter of Robert J. Gurney et al., Appellants, 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.

April 19, 1979

Attorney(s) appearing for the Case

Singer, Hunter, Levine & Seeman (Robert J. Kaplan and Bernard E. Singer of counsel), for appellants.

Robert Abrams, Attorney-General (Michael F. Colligan and Shirley Adelson Siegel of counsel), for respondents.

GREENBLOTT and SWEENEY, JJ., concur with MAHONEY, P. J.; STALEY, JR., and HERLIHY, JJ., dissent and vote to affirm in an opinion by STALEY, JR., J.

MAHONEY, P. J.

The facts are not in dispute. In 1955 the petitioners, while residents of the State of North Carolina, entered into an agreement in which they sold the stock in certain closely held corporations with the proceeds to be paid to them on an installment basis. The installment payments began in 1955 and terminated in 1962. Petitioners subsequently became residents of New York. In an opinion letter,...

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