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MORGAN TRUST v. TAX TRIBUNAL

166 A.D.2d 96 (1991)

569 N.Y.S.2d 502

In the Matter of Morgan Guaranty Trust Company of New York, as Successor Trustee under American Motors Corporation Union Retirement Income Plan, Petitioner, v. Tax Appeals Tribunal of the New York State Department of Taxation and Finance et al., Respondents

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

May 9, 1991

Attorney(s) appearing for the Case

Davis, Polk & Wardwell (John A. Corry, William Parsons, Jr., and Leslie H. Hoffman of counsel), for petitioner.

Robert Abrams, Attorney-General (Daniel Smirlock and Nancy A. Spiegel of counsel), for respondents.

CASEY, J. P., MIKOLL, MERCURE and CREW III, JJ., concur.

YESAWICH, JR., J.

At issue is whether this State's 10% gains tax (see, Tax Law art 31-B) on real property transfers applies to a transaction completed by a qualified employee benefit plan under the Federal Employee Retirement Income Security Act of 1974 (hereinafter ERISA) (see, 29 USC § 1001 et seq.). We conclude that it does not.

The parties have stipulated to the relevant...

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