COSMOPOLITAN v. STATE TAX


78 A.D.2d 475 (1981)

In the Matter of Cosmopolitan Broadcasting Corporation, Petitioner, v. State Tax Commission of the State of New York et al., Respondents

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

January 29, 1981


Attorney(s) appearing for the Case

Garrell, Siegal & Katz (Gilbert Siegal of counsel), for petitioner.

Robert Abrams, Attorney-General (Wayne L. Benjamin, William J. Kogan and Shirley Adelson Siegel of counsel), for State Tax Commission of the State of New York, respondent.

Allen G. Schwartz, Corporation Counsel (Arnold Fox of counsel), for Jay E. Butler, respondent.

MAHONEY, P. J., KANE, MIKOLL and HERLIHY, JJ., concur.


SWEENEY, J.

Petitioner is a New Jersey corporation duly authorized to conduct business in this State. It was involved in a transaction wherein it borrowed from Citicorp Leasing, Inc. $571,880.80 at 12% interest. Petitioner executed a promissory note to Citicorp in the amount of $872,873.40 payable in 84 consecutive monthly installments of $10,391.35. The note does not specify what portion of the face amount...

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