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MATTER OF DELMHORST v. STATE TAX COMM'N

92 A.D.2d 981 (1983)

In the Matter of Arthur M. Delmhorst, as Executor of Berton J. Delmhorst, Deceased, et al., Petitioners, v. State Tax Commission, Respondent

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

March 10, 1983

In April of 1941, Berton J. Delmhorst, decedent,* purchased a New York Stock Exchange seat for $29,000. On December 28, 1967, he sold the seat to his son for $457,000, pursuant to a voluntary payment subordination agreement which provided that his son was to pay interest quarterly at the rate of 5% per year on any unpaid principal and for payment of the principal in installments. Decedent received interest...

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