Cantor Fitzgerald Securities Loses Long-Running NYC Tax Dispute

Cantor Fitzgerald Securities can’t aggregate its property, payroll, and gross income with that of subsidiaries with no connection to New York City to dilute its business tax bill, a city tribunal ruled in an opinion released Tuesday.

The decision resolving liabilities from two decades ago illustrates how backlogged the tribunal has been due to a shortage of ALJs over the last few years.

The broker-dealer challenged the city’s $7.77 million assessment of unincorporated business income tax, interest, and penalties for 2004-2006, arguing that its activities and its subsidiaries’ activities should be treated as one business for purposes of the tax. ...