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SPRING VAL. WATER CO. v. PSC

176 A.D.2d 95 (1992)

In the Matter of Spring Valley Water Company Inc., Petitioner, v. Public Service Commission of the State of New York, Respondent

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

February 13, 1992

Attorney(s) appearing for the Case

Hiscock & Barclay (Timothy P. Sheehan of counsel), for petitioner.

William J. Cowan (Lawrence G. Malone of counsel), for respondent.

WEISS, P. J., LEVINE, MERCURE and CREW III, JJ., concur.

CASEY, J.

Petitioner, an investor-owned water utility regulated by respondent, the Public Service Commission (hereinafter PSC), contends that the PSC erred in directing that petitioner's rate base be reduced to reflect the entire capital gain that should have been realized upon the transfer of approximately 23 acres of vacant land in the Town of Clarkstown, Rockland County. The land had been acquired for about...

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