2011-11-21 Lee BORDELEAU et al., Respondents, v. STATE of New York et al., Appellants. Eric T. Schneiderman, Attorney General, Albany (Barbara D. Underwood, Paul Groenwegen and Andrew D. Bing of counsel), for State of New York, appellant. Greenberg Traurig, LLP, Albany (Harold Iselin, Cynthia E. Neidl and Victoria E. Lane of counsel), for Globalfoundries U.S., Inc., appellant. JONES Eric T. Schneiderman, Attorney General, Albany (Barbara D. Underwood, Paul Groenwegen and Andrew D. Bing of counsel)
(a) General rule For purposes of this subtitle, if a purchasing corporation makes an election under this section (or is treated under subsection (e) as having made such an election), then, in the case of any qualified stock purchase, the target corporation- (1) shall be treated as having sold all of its assets at the close of the acquisition date at fair market value in a single transaction, and (2) shall be treated as a new corporation which purchased all of the assets referred to in paragraph (1)
(a)Scope. This section prescribes rules for qualification for a section 338(h)(10) election and for making a section 338(h)(10) election. This section also prescribes the consequences of such election. The rules of this section are in addition to the rules of §§ 1.338-1 through 1.338-10 and, in appropriate cases, apply instead of the rules of §§ 1.338-1 through 1.338-10 . (b)Definitions - (1)Consolidated target. A consolidated target is a target that is a member of a consolidated group within the
(Tax Law, section 210-A(2)(d)) (a) Net gains (not less than zero) from the sales of real property located in New York are included in New York receipts. Net gains (not less than zero) from sales of real property located within and without New York State are included in everywhere receipts. (b) For each sale of real property, the corporation must compute a gain or loss from the sale by subtracting its adjusted basis in the real property from the sale price of the real property. If the sale price exceeds