MATTER OF GOLDMAN v. COMM'R OF FIN.


203 A.D.2d 20 (1994)

609 N.Y.S.2d 241

In the Matter of The Estate of Sol Goldman, Deceased, v. Commissioner of Finance et al., Appellants In the Matter of G.S.L. Enterprises, Inc., Respondent, v. Commissioner of Finance et al., Appellants

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

April 5, 1994


We agree with the IAS Court that the proper assessment on the tax lots in question should be determined by the income capitalization method contended for by petitioners' expert. It is clear that the petitioners purchased the lots in question as speculation for future development which to date has not taken place. Accordingly, to assess taxes based solely on the purchase price would be improper and would not serve the legitimate goal...

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