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EMIGRANT BANCORP, INC. v. COMMISSIONER TAX

59 A.D.3d 30 (2008)

869 N.Y.S.2d 689

In the Matter of EMIGRANT BANCORP, INC., Petitioner, v. COMMISSIONER OF TAXATION AND FINANCE et al., Respondents.

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

Decided December 24, 2008.

Attorney(s) appearing for the Case

Frankfurt, Kurnit, Klein & Selz, P.C., New York City (Patrick J. Boyle of counsel), for petitioner.

Andrew M. Cuomo, Attorney General, Albany (Owen Demuth of counsel), for Commissioner of Taxation and Finance, respondent.

MERCURE, J.P., SPAIN, MALONE JR. and STEIN, JJ., concur.

OPINION OF THE COURT

CARPINELLO, J.

The Department of Taxation and Finance issued a notice of deficiency to petitioner for tax years 1998 and 1999. The basis for the deficiency was the Department's finding, following an audit, that petitioner's subsidiary, a thrift institution, incorrectly computed the amount allowable as a deduction for moneys placed in a reserve account for potential losses on qualifying real property loans. While an Administrative Law...

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