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The Sherwin-Williams Co. painted itself into a corner by setting up Delaware holding companies and then seeking a New York tax break, the state's Appellate Division, 3rd Department ruled last week. The nationally watched case involves what critics say is a common corporate accounting maneuver: the transfer of valuable trademarks to a holding company. In the past year, however, both New York state and the city of New York have enacted laws to preclude that sort of tax planning.
November 02, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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