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Goldman Sachs Unit’s $4 Million NYC Capital Gains Tax Upheld (1)

April 12, 2022, 5:09 PMUpdated: April 12, 2022, 7:33 PM

A Goldman Sachs subsidiary that buys stakes in alternative asset managers owes New York City more than $4 million in general corporation taxes on capital gains, a state appeals court ruled.

The New York Supreme Court Appellate Division, First Department, upheld the city tax appeals tribunal’s April 2021 ruling that Goldman Sachs Petershill Fund Offshore Holdings owed general corporation taxes on the gain realized from the sale of a 10% interest in Claren Road Asset Management because of established nexus with the city.

“The Tribunal rationally determined that petitioner failed to demonstrate that the City impermissibly ...