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FED DEPOSIT INS v. TAX COMMR

83 N.Y.2d 44 (1993)

628 N.E.2d 1330

607 N.Y.S.2d 620

In the Matter of Federal Deposit Insurance Corporation, as Receiver of Goldome, Successor to Goldome Capital Investments, Inc., Appellant, v. Commissioner of Taxation and Finance et al., Respondents.

Court of Appeals of the State of New York.

Decided December 21, 1993.

Attorney(s) appearing for the Case

Saperston & Day, P. C., Buffalo (Charles C. Swanekamp of counsel), and Christopher J. Bellotto, of the District of Columbia Bar, admitted pro hac vice, for appellant.

Robert Abrams, Attorney-General, Albany (Julie S. Mereson, Jerry Boone and Peter H. Schiff of counsel), for Commissioner of Taxation and Finance, respondent.

Chief Judge KAYE and Judges SIMONS, TITONE, HANCOCK, JR., BELLACOSA and LEVINE concur.

SMITH, J.

The issue in this case is whether the Tax Appeals Tribunal erred when it determined that a proposed merger agreement, requiring shareholder approval, failed to become a binding and enforceable contract for the purposes of a real property gains tax exemption pursuant to Tax Law § 1443 (6). We agree with the Appellate Division that the Tax Appeals Tribunal's decision was rational and supported by...

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