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MATTER OF GOLDMAN SACHS PETERSHILL FUND OFFSHORE HOLDINGS (DEL.) CORP. v. NEW YORK CITY TAX APPEALS TRIB.

Index No. TAT (E) 16-9 (GC). Appeal No. 15710M-640. Case No. 2021-02517.

204 A.D.3d 469 (2022)

167 N.Y.S.3d 458

2022 NY Slip Op 02361

In the Matter of Goldman Sachs Petershill Fund Offshore Holdings (Delaware) Corp., Petitioner, v. New York City Tax Appeals Tribunal et al., Respondents.

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

Decided April 12, 2022.

Attorney(s) appearing for the Case

Jones Walker LLP, New York ( Alysse McLoughlin , of counsel) for petitioner.

Sylvia Hinds-Radix , Corporation Counsel, New York ( Andrew G. Lipkin of counsel), for respondent.

Roberts Law Group, White Plains ( R. Gregory Roberts , of counsel) for Professor Richard Pomp, amicus curiae.

Concur—Manzanet-Daniels, J.P., Kapnick, Webber, Gesmer, Oing, JJ.

The primary issue in this proceeding is whether the capital gain arising from petitioner's sale of its minority membership interest in Claren Road Asset Management, LLC—a limited liability company taxed as a partnership and conducting business in the City—is subject to the General Corporation Tax (GCT) even though petitioner itself has no other presence in the City. The Tribunal rationally determined that petitioner failed to demonstrate that the City impermissibly...

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