MTR PARDEE v. STATE TAX COMM


89 A.D.2d 294 (1982)

In the Matter of Byron S. Pardee et al., Petitioners, v. State Tax Commission, Respondent

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

November 4, 1982


Attorney(s) appearing for the Case

Milbank, Tweed, Hadley & McCloy (Frederick C. Kneip, Andrew J. Connick and Joseph M. Persinger of counsel), for petitioners.

Robert Abrams, Attorney-General (Francis V. Dow and Jeremiah Jochnowitz of counsel), for respondent.

KANE, J. P., MAIN, MIKOLL and WEISS, JJ., concur.


LEVINE, J.

The facts of this case are not in dispute. Petitioner Byron S. Pardee was a salaried employee of the Chase Manhattan Bank (the bank) or its predecessors, primarily working in one of its New York offices from 1937 until his retirement in 1973. In 1952, the bank established an employee profit-sharing plan, qualified as such under the Internal Revenue Code, funded through a Federally tax-exempt trust to which the bank and its employees contributed...

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