MTR AVON v. TAX COMM


90 A.D.2d 393 (1982)

In the Matter of Avon Products, Inc., Petitioner, v. State Tax Commission, Respondent

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

December 30, 1982


Attorney(s) appearing for the Case

Breed, Abbott & Morgan (Edward H. Hein of counsel), for petitioner.

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

KANE, J. P., YESAWICH, JR., WEISS and LEVINE, JJ., concur.


MIKOLL, J.

In 1971 and 1972 petitioner made various investments including the purchase of bankers' acceptances issued by foreign banks. The income therefrom was reported as investment income for franchise tax purposes. New York tax authorities determined that this income constituted income from business capital rather than investment capital and found petitioner liable for additional franchise taxes for the years in question. In denying petitioner's claims...

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