MATTER OF 1230 PARK ASSOCS. v. COMM'R OF TAXATION & FIN. OF THE STATE OF NEW YORK


170 A.D.2d 842 (1991)

In the Matter of 1230 Park Associates et al., Petitioners, v. Commissioner of Taxation and Finance of the State of New York et al., Respondents

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

February 21, 1991


Weiss, J. P.

In 1983, petitioners incorporated 1230 Park Owners, Inc. as a cooperative housing corporation and transferred both the fee title and lease to property at 1230 Park Avenue in New York City to the corporation, which began selling shares to individual unit holders pursuant to an approved plan for conversion to cooperative apartments. In this CPLR article 78 proceeding, petitioners have challenged the computation of the gain subject to tax (...

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