NY Tax Code Changes Shouldn't Be Retroactive, Panel Told

Law360, New York (November 12, 2013, 7:11 PM EST) -- New York state shouldn't be allowed to retroactively tax a couple who sold their company in a $20 million stock deal because state law didn't allow such a penalty at the time, the couple's attorney told a New York state appeals court during a hearing Tuesday.

Philip and Phyllis Caprio had alleged that when they sold their building maintenance company in 2007 in a $20 million deal, they'd structured the transaction in installments to avoid having to pay state taxes on it.

Then, in 2009, a...
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