MATTER OF LO SCALZO v. TAX APPEALS TRIBUNAL OF THE STATE OF NEW YORK


203 A.D.2d 621 (1994)

610 N.Y.S.2d 100

In the Matter of Laurence Lo Scalzo, Petitioner, 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.

April 7, 1994


White, J.

Petitioner was the sole shareholder of Kimbrooke Enterprises, Inc., whose principal asset was a parcel of real property for which it paid $2,247,010. Kimbrooke was dissolved in 1988 and its assets were distributed to petitioner in exchange for his stock. At the time of the distribution, the real property had a fair market value of $6,000,000. On January 12, 1989, petitioner sold the property for $6,000,000 and paid a real property transfer gains...

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