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BANKERS TRUST v. DEPT OF FIN

79 N.Y.2d 457 (1992)

In the Matter of Bankers Trust New York Corporation et al., Appellants, v. Department of Finance of the City of New York et al., Respondents.

Court of Appeals of the State of New York.

Decided May 12, 1992.

Attorney(s) appearing for the Case

David Sachs for appellants.

O. Peter Sherwood, Corporation Counsel (Amy F. Nogid, Edith I. Spivack, Edward F.X. Hart and Stanley Buchsbaum of counsel), for respondents.

Chief Judge WACHTLER and Judges KAYE, TITONE, HANCOCK, JR., and BELLACOSA concur; Judge SIMONS taking no part.

YESAWICH, JR., J.*

The New York City Financial Corporation Tax is imposed on financial corporations for the privilege of doing business in the City in a corporate or organized capacity. The issue presented is whether this tax is a franchise tax or a nonproperty tax in lieu thereof, thus allowing the City to take into account when calculating the tax, income petitioners received from...

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