Legal Question in Business Law in New York
Revoking: BCL 1118
I have elected to buy out a partner, under BCL 1118, but have to request that the court revoke it because it will be a tax suicide for me since I am a C-corp? Does any one know of cases that define in what conditions did the judge exercise their discretion to revoke the election?
Asked on 12/07/07, 12:34 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Revoking: BCL 1118
Tax reasons are not good enough. Even death is not good enough. Normally, a judge may revoke an election if the assets of a corporation are destroyed. See, Rey v. Pan American Cash & Carry Corp. 152 A.D.2d 246, 548 N.Y.S.2d 524 (2nd Dep't. 1989).
Answered on 12/07/07, 2:17 pm
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