Massachusetts high court justices asked hard questions of both the state Revenue Department and a taxpayer seeking capital gains relief at oral arguments Monday about the meaning of a law providing tax benefits for urban renewal projects.
James and Irene Reagan appealed a Massachusetts Appellate Tax Board ruling upholding taxation of their share of capital gains earned from selling partnership interests in three urban redevelopment properties in Boston. The Reagans argue that a law enacted to stimulate investment in blighted areas makes the gains tax-exempt and that the court should abate their $131,000 tax bill.
Massachusetts Supreme Judicial ...