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COLT INDUS v. DEPT OF FIN

66 N.Y.2d 466 (1985)

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

Court of Appeals of the State of New York.

Decided December 19, 1985.

Attorney(s) appearing for the Case

Frederick A. O. Schwarz, Jr., Corporation Counsel (Peter Rabinowitz, Glenn Newman, Cornelius F. Roche and James F. Eller of counsel), for appellant.

Peter L. Faber, Stanley H. Fuld, Michael Malina and Sarah G. Austrian for respondent.

Chief Judge WACHTLER and Judges MEYER, SIMONS, KAYE, ALEXANDER and TITONE concur.

JASEN, J.

The issue presented upon this appeal is whether the management fee imposed by petitioner upon its subsidiary corporations included interest income from subsidiary capital, and was to that extent excludable from entire net income for purposes of the New York City general corporation tax.

Petitioner, Colt Industries, Inc., a Pennsylvania corporation with its headquarters in New York City, is the...

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