People ex rel. Waclark Realty Co. v. Williams
| Decision Date | 04 March 1910 |
| Citation | 91 N.E. 266,198 N.Y. 54 |
| Parties | PEOPLE ex rel. WACLARK REALTY CO. v. WILLIAMS, Comptroller. |
| Court | New York Court of Appeals Court of Appeals |
OPINION TEXT STARTS HERE
Appeal from Supreme Court, Appellate Division, Third Department.
Certiorari by the People, on the relation of the Waclark Realty Company, against Clark Williams, Comptroller of the State of New York, to review the determination of the Comptroller declining to revise the franchise tax assessed against relator for the year ending October 31, 1905. From an order of the Appellate Division (134 App. Div. 83,118 N. Y. Supp. 835), reversing the determination of the Comptroller and canceling the tax, the Comptroller appeals. Reversed, and determination confirmed.
Edward R. O'Malley, Atty. Gen. (Edward H. Letchworth, of counsel), for appellant.
Edward L. Blackman, for the People.
The Waclark Realty Company was incorporated on April 11, 1904, under the business corporations law (Consol. Laws, c. 4). Its purposes as set forth in the articles of incorporation were to acquire, hold, improve, lease, and sell real estate; to erect and repair buildings of all kinds; to carry on the business of builders, general contractors, and dealers in building materials; to take, purchase, and hold bonds and mortgages; to lend money on bond and mortgage; to lay out for public use, roads, streets, avenues, and highways through its lands, and, if unable to agree with the owners of property required therefor, to acquire title thereto by condemnation; to manufacture, buy, and sell bricks, stone, building materials and supplies; and, finally, to mine, quarry, buy, and sell ores, minerals, oil, and other valuable substances found in any of its lands.
According to the report of the corporation made to the Comptroller for the year ending October 31, 1905, the total authorized capital stock of the company was $1,500,000, represented by 15,000 shares, of which 14,000 had been issued for real estate situated in the borough of Manhattan in New York county, at Ravenswood in Queens county, and at Mt. Vernon. The report further stated that the company was organized merely for the purpose of holding title to certain real estate, and not with the object of transacting any business for profit. ‘Since its organization it has received deed to, and holds in its name title to, seven plots of land, five being within the state of New York, transferred to it by Hon. William A. Clark, and stock has been issued to him for said properties.’ In the application for the revision of the franchise tax made by the corporation to the Comptroller it was stated that ‘said William A. Clark is the owner of nearly all of the shares of stock of said company, and that the same was organized for his personal convenience, and to take over said properties owned by him individually, which for matters of convenience he preferred to have held by a corporation.’ Among the lands thus held was a plot on the corner of Seventy-Seventh street and Fifth avenue in the borough of Manhattan, with an unfinished dwelling house thereon, the assessed value of which is $2,200,000. The premises at Ravenswood in Queens county were used for the storage and preparation of materials for the house in course of erection upon this Fifth avenue plot. The secretary and treasurer of the corporation in his testimony before the second deputy comptroller stated that the object of...
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