New York Tax Tribunal Upholds Retroactive Application of Asset Sale Law Change

Overview


Peter Faber took issue with the New York Tax Appeals Tribunal’s Luizza ruling that the taxpayers who made a transaction which was later deemed taxable should have relied on the DTF Division of Taxation’s guidance, noting that “the Division’s policies had not been published and were not stated in any official way” when the deal was made. The taxpayers “relied on the law as it was written at the time they did the transaction and then had the rug pulled out from under them retroactively,” Mr. Faber said.