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MATTER OF FAZKAP ASSOCS. v. COMM'R OF NEW YORK STATE DEP'T OF TAXATION & FIN.

232 A.D.2d 747 (1996)

648 N.Y.S.2d 186

In the Matter of Fazkap Associates, Petitioner, v. Commissioner of New York State Department of Taxation and Finance et al., Respondents

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

October 17, 1996

Mercure, J.

On December 31, 1986, petitioner conveyed title to real property in New York City to Irving Place Realty Corporation (hereinafter the transferee). The consideration for the transfer consisted of the transferee's assumption of a $198,780 first mortgage and execution of a $4,200,000 note and mortgage to petitioner, under the terms of which the transferee was to pay interest only for a period of 15 years, with the entire principal balance due...

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