Category Archives: New York

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You Can’t Touch This: Sale of Partnership Interest by Nonresident Corporate Partner Deemed Subject to NYC Tax Despite Lack of Unitary Business

The decision by the New York City Tax Appeals Tribunal in Goldman Sachs Petershill Fund Offshore Holdings Corp (“Petershill Fund“), unfortunately, does not involve parachute pants or any reference to the “Running Man” dance. Setting this disappointment aside, the case does address a critical constitutional issue impacting passive investors in partnerships. The crux of the … Continue Reading

Challenging New York City Real Property Taxes

New York City faces a continuing decline in state and federal funding and increased property taxes continue to be a reliable revenue stream to fund local services.  Every January 15th, the NYC Department of Finance (DOF) sends to each owner of NYC commercial real property a Tentative Assessment setting forth (i) the market value of … Continue Reading

Challenging New York City Real Property Taxes

New York City faces a continuing decline in state and federal funding and increased property taxes continue to be a reliable revenue stream to fund local services.  Every January 15th, the NYC Department of Finance (DOF) sends to each owner of NYC commercial real property a Tentative Assessment setting forth (i) the market value of … Continue Reading

Tax Reform: With Massive Overhaul Now Law, Prepayment of Property Tax May Benefit New York Property Owners

On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (Act), which beginning in 2018 caps at $10,000 the allowable deduction for payment of state and local income, sales, and property taxes. While the Act prohibits 2017 deductions for prepayment of 2018 state and local income taxes, such prohibition does … Continue Reading
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