Summary
In Sheils and Sun Oil, the taxpayers attempted to claim greater net operating losses on their State returns than they had reported on their Federal returns. Resolution of the issues in both cases involved the taxpayers' failure to conform to the Federal concepts of taxable income and loss in computing their State income tax.
Summary of this case from Chicago Title Tr. Co. v. Dep't of RevenueOpinion
Argued January 13, 1981
Decided February 12, 1981
Appeal from the Appellate Division of the Supreme Court in the Third Judicial Department, JOHN T. CASEY, J.
Robert Abrams, Attorney-General (Wayne L. Benjamin and Shirley Adelson Siegel of counsel), for appellant.
Alfred Wheeler, Sidney Smolowitz and Osias Biller for respondents.
Order reversed, with costs, and the determinations of the State Tax Commission reinstated (see Matter of Gurney v Tully, 51 N.Y.2d 818).
Concur: Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and MEYER.