Xerox Can't Treat Contracts As Securities Under NY Tax Law

Law360, New York (October 25, 2013, 3:20 PM EDT) -- Financing agreements that Xerox Corp. entered into with government clients for office equipment can't be treated as securities under New York tax law, a state appellate court said Thursday, affirming the rejection of a $1.2 million “investment income” refund claimed by the document giant.

A unanimous ruling by a four-judge panel in Albany's Third Department affirmed a decision by the state's Tax Appeals Tribunal related to Xerox's 2001 attempt to amend returns from earlier years to refer to leases with state agencies as "other securities" under...
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