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Article: Limiting the Cuomo tax in workouts. (New York State Department of Taxation petitioned for advisory opinion of New York Real Property Transfer Gains Tax with objective being reduction in amount of gains tax owed in workout of troubled real estate)
- Article from:
- Real Estate Weekly
- Article date:
- January 20, 1993
- Author:
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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On behalf of their clients, Andrew Feiner, a tax partner at Zellermayer Gratch & Jacobs, a New York City law firm, and William Korman, a senior tax manager in the New York office of Deloitte & Touche, petitioned the New York State Department of Taxation for an advisory opinion on the so-called Cuomo tax (the 'New York Real Property Transfer Gains Tax, referred to here as the "gains tax"). The ruling asked New York State to approve a structure designed to reduce the amount of gains tax owed in a workout of troubled real estate. The requested ruling was granted on Dec. 28, 1992.
The gains tax has re-emerged as a significant impediment to real estate restructuring ...