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FORBES v. DEPT. OF FIN. OF NYC

66 N.Y.2d 243 (1985)

In the Matter of Forbes, Inc., Appellant, v. Department of Finance of the City of New York, Respondent.

Court of Appeals of the State of New York.

Decided November 19, 1985.

Attorney(s) appearing for the Case

Kenneth A. Caruso, Clarence W. Olmstead, Jr., William E. Flowers and Daniel Lavin for appellant.

Frederick A. O. Schwarz, Jr., Corporation Counsel (Peter Rabinowitz and Glenn Newman of counsel), for respondent.

David Sachs and Mary R. D'Agostino for Bankers Trust New York Corporation, amicus curiae.

Chief Judge WACHTLER and Judges JASEN, MEYER, ALEXANDER and TITONE concur; Judge SIMONS taking no part.

KAYE, J.

By rendering investments in obligations of the Federal Government less attractive than other investments, in the calculation of taxes due under New York City's General Corporation Tax, the City tax discriminates against Federal obligations within the meaning of the Federal statute permitting only nondiscriminatory franchise taxes to be levied on United States obligations (31 USC former § 742 [renum...

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