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Item 11. Return by petitioner as real estate corporation on Form 42 CT based on calendar year 1927. Lines numbered as in return.

(11) to (18) no dividends declared. (18a) assets Dec 31 1927

$873928.24 liabilities

$223715.91 (18b) gross income for 1927

$ 45750.73 (180) net income for 1927

$ 40971.16 (31) Total

average

assets for year

$800000.00 (41) Average liabilities

b. mortgages $137000.00
a. accts payable.... $ 1500.00
e. Other liabilities,

not including
capital stock,
surplus or
serves for de-
preciation, etc. $ 86000.00

$224500.00
Appraisal of Capital Stock by
President of Petitioner 2000
shares $287.75 per share,

,
amount

$575500.00 Item 12. Return by petitioner as real estate corporation on Form 42 CT based on calendar year 1928. Lines numbered as in return.

(11) to (18) no dividends declared. (18a) assets Dec 31 1928.

$814940.00 liabilities

$115272.42 (18b) gross income for 1928.

$ 74121.68 (18c) net income for 1928..

$ 65566.98 (31) Total average assets for year $809000.00

re

135 136

Transcript of Record

137

(41) average liabilities
a. accounts payable

$ 6000.00 e. other liabilities not includ

ing capital stock, surplus or
reserves for depreciation &c $108860.25

Total average liabilities...... $114860.25 g. in the statement of liabili

ties shown above is included
deferred profits the amount
thereof is

$108860.25
Appraisal of Capital Stock by
President of Petitioner 2000
shares $347.56 per

share amount

$695139.75 Item 13. Return by petitioner as real estate corporation on Form 42 CT based on calendar year 1929. Lines numbered as in return. (12) dividends paid

$ 20000.00 (18a) assets Dec 31 1929

$817030.85 liabilities

$103637.75 (18b) gross income for 1929

$ 51989.76 (18c) net income for 1929.

$ 39956.29 (180) book surplus Dec 31 1929. $513393.10 (31) Total average assets for year $808000.00 (41) liabilities deferred income $105000.00

Appraisal of Capital Stock by
President of Petitioner 2000
shares $351.00

per

share amount

$703000.00
Item 14. Return by petitioner as business cor-
poration on Form 3 IT based on calendar year
1929. Lines numbered as in return.
(6a) Dividends paid during year...... $20000.00
(8) entire net income for year as

shown on report to U. S. Trea-
sury

$39956.29

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Item (11) less (11a)............... $40656.29 Item 15. Same as exhibit F attached to petition (page 24 of this printed return.)

WHEREFORE, Respondents pray that an order may be made directing that all proceedings be transferred for disposition to the Appellate Division of the Supreme Court in and for the Third Judicial Department.

JOHN J. BENNETT, JR.,
Attorney-General of the State of

New York,
Attorney for Respondents,
Office and Post Office Address:

The Capitol, Albany, N. Y.

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(Verified by Mark Graves, a Member of the State Tax Commission, on November 21, 1939.)

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Stipulation Waiving Certification IT IS HEREBY STIPULATED, pursuant to Section 170 of the Civil Practice Act, that the foregoing consists of true and correct copies of the order transferring issues to the Appellate Division, Third Department, the notice of motion, petition and all the papers upon which the Court below acted in making said order, and the whole thereof, now on file in the office of the Clerk of the County of Albany, except that the exhibits annexed to return have been condensed by consent so as to present only what the parties deemed material to the questions involved and repetitions avoided by cross references; and certification thereof pursuant to Section 616 of the Civil Practice Act or otherwise is hereby waived.

Dated January 9th, 1940.

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EUGENE COHN,

Attorney for Petitioner.

JOHN J. BENNETT, JR., Attorney General of the State

of New York, Attorney for Respondents.

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To be argued by

EUGENE COHN 235 Wooster Street

New York City

New York Supreme Court

APPELLATE DIVISION—THIRD DEPARTMENT

In the Matter of the Application

of

THE EBLING COMPANY,

Petitioner,

against MARK GRAVES, John P. HENNESSEY and OGDEN J. Ross as and constituting the STATE Tax ComMISSION,

Respondents,

For an order of certiorari to review a determination made by the respondents under Section 218 of the Tax Law.

BRIEF FOR PETITIONER

Statement

The Court is petitioned to review a determination of the State Tax Commission confirming a franchise tax for the year beginning November 1st, 1931. Petitioner protests the tax as excessive. By an order of Special Term, entered in the Albany County Clerk's office on November 24th, 1939, the proceeding was transferred to this Court, there to be heard in the first instance (Record, pp. 3 to 5).

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