NYC Imposes Tax on Gain from Sale of an Intangible

On June 26, 2020, an administrative law judge in the New York City Tax Appeals Tribunal In the Matter of Mars Holdings, Inc. [TAT(H) 16-14 (GC)] held that the city could impose its corporate tax on the gain on the sale of a partnership interest in a partnership that did business in New York City, even though the taxpayer’s commercial domicile was outside New York.

Read the full GT Alert, “NYC Imposes Tax on Gain from Sale of an Intangible.”