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ROYAL INDEM CO v. TAX APPEALS

75 N.Y.2d 75 (1989)

In the Matter of Royal Indemnity Company, Appellant, v. Tax Appeals Tribunal et al., Respondents.

Court of Appeals of the State of New York.

Decided December 21, 1989.

Attorney(s) appearing for the Case

Eugene Chester and James H. Kenworthy for appellant.

Robert Abrams, Attorney-General (Wayne L. Benjamin, O. Peter Sherwood and Peter H. Schiff of counsel), for respondents.

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

HANCOCK, JR., J.

We agree with the Appellate Division that under Tax Law § 1503 (b) (4) (B) a taxpayer's State deduction for net operating losses for a tax year is limited to the amount of the Federal loss deduction for the same year.

The facts are not in dispute. Petitioner, a property and casualty insurer, is a Delaware corporation licensed to do business in New York. For tax years beginning on...

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