MTR. SCHRIER v. TAX TRIBUNAL


194 A.D.2d 273 (1993)

In the Matter of Howard Schrier et al., Petitioners, v. Tax Appeals Tribunal of the State of New York et al., Respondents

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

December 30, 1993


Attorney(s) appearing for the Case

Howard M. Koff, Albany, and Chazen & Fox, New York City (Hartley James Chazen of counsel), for petitioners.

Robert Abrams, Attorney-General, Albany (Daniel Smirlock and Nancy A. Spiegel of counsel), for Commissioner of Taxation and Finance, respondent.

WEISS, P. J., MERCURE, WHITE and MAHONEY, JJ., concur.


CASEY, J.

At issue in this proceeding is whether respondents erred in calculating the real property transfer gains tax due upon petitioners' sale of certain real property. Respondents used the original purchase price of the property when it was acquired by a corporation owned in equal shares by petitioners, instead of the fair market value of the property when petitioners acquired the property in exchange for...

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