85 A.D.2d 770 | N.Y. App. Div. | 1981
Appeal from a judgment of the Supreme Court at Special Term (Conway, J.), entered December 15, 1980 in Albany County, which dismissed petitioners’ application, in a proceeding pursuant to CPLR article 78, to annul a determination of the State Tax Commission which denied petitioners’ request for a redetermination of a deficiency of personal income tax for the year 1972 under article 22 of the Tax Law. In 1968, petitioner Richard Rosenblatt sold stock, in a closely held corporation, with respect to which, for personal income tax purposes, he elected to report the resulting long term capital gain on the installment basis. The 1972 installment, taxed by the Income Tax Bureau at the rate of tax in effect under the laws of 1972, resulted in a deficiency of $36,950.20, with interest thereon. Petitioners contend that the gain was realized in 1968, hence the 1968 tax rate applies, in which event no deficiency exists. The State Tax Commis