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  5. 49 N.Y.2d 1008 (1980)
 

MATTER OF GAINES v. TULLY

49 N.Y.2d 1008 (1980)

In the Matter of Arthur A. Gaines et al., Individually and as Copartners, Doing Business as Gaines, Reis & Co., Respondents, v. James H. Tully, Jr., et al., Constituting the State Tax Commission, Appellants.

Court of Appeals of the State of New York.

Decided May 1, 1980.

Attorney(s) appearing for the Case

Robert Abrams, Attorney-General (Nigel G. Wright and Shirley Adelson Siegel of counsel), for appellants.

Daniel M. Sleasman for respondents.

Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and MEYER concur.

MEMORANDUM.

The judgment of the Appellate Division should be affirmed, with costs, for the reasons stated in the opinion by Mr. Justice J. CLARENCE HERLIHY at the Appellate Division (66 A.D.2d 106).

The Tax Commission's finding that the taxpayer firm held the partner's stock exchange membership as a capital asset was not supported by substantial evidence. Nor was the proof sufficient...

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