Liebman v. Gersten, Savage, Kaplowitz

Full title: RICHARD LIEBMAN, Appellant, v. GERSTEN, SAVAGE, KAPLOWITZ, ZUKERMAN…

Court: Appellate Division of the Supreme Court of New York, First Department

Date published: Sep 28, 1993

196 A.D.2d 772 (N.Y. App. Div. 1993)

602 N.Y.S.2d 16

Opinion

September 28, 1993

Appeal from the Supreme Court, New York County (Carol Arber, J.).

Plaintiff's argument that he is entitled to his share of defendant partnership's capital account as reported on schedule K-1 of defendant's tax return overlooks that under Partnership Law § 40, a partner's contributions to capital are to be repaid only after all partnership liabilities are satisfied. There being issues of fact as to the amount of such liabilities, summary judgment on the issue of damages was properly denied.

Concur — Carro, J.P., Ellerin, Wallach and Ross, JJ.