LASSER, P.J.T.C
Taxpayer contests the denial by the Director of the Division of Taxation (Director) of a credit on taxpayer's 1987 gross income tax return for tax paid by taxpayer to the State of New York on a $73,874 cash distribution from a subchapter S corporation (S corporation) of which taxpayer is a stockholder. At issue is whether the distribution made to taxpayer in 1987 is from current or from prior earnings of the corporation. Director contends that since...
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