Court of Appeals of New York
ULSTER HOME CARE, INC. v. VACCO, 3 No. 79
Payments made in liquidation of partnership interests, which constitute the retiring partners' pro rata share of the partnership's unrealized receivables, are payments "for services or for use of capital" within the meaning of section 11-507(3) of the Administrative Code of the City of New York and thus not deductible from the partnership's unincorporated business gross income.
Appellate Information
- Decided 06/26/2003
- Published 06/26/2003
Judges
Court
- Court of Appeals of New York