Mercure, J.P.
Petitioner, a bank located in the Village of Lake Success, Nassau County, claimed an investment tax credit in the amount of $701,785 on its 1999 banking corporation franchise tax return in connection with a building that it purchased and used exclusively for its mortgage banking operations. These operations consisted of originating, purchasing, selling and terminating mortgage loans. Following an audit, the Division of Taxation disallowed the investment...
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