A retired Coudert Brothers partner living in Florida has convinced an administrative law judge that New York state has no right to collect personal income tax on the retirement monies he receives from firm profits. The ruling established for the first time in New York, and perhaps the first time anywhere, that a 1996 federal law barring state taxation of retirement income paid to non-residents applies not only to accounts set aside for retirees but also those linked to partnership profitability.
March 23, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A retired Coudert Brothers partner living in Florida has convinced an administrative law judge that New York state has no right to collect personal income tax on the retirement monies he receives from firm profits.
John E. McDermott’s pro se case before the state Division of Tax Appeals has potentially broad implications for retired lawyers, doctors and other professionals whose retirement income is hedged to the future profits of a partnership.
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