The New York City Tax Appeal Tribunal recently determined that the restructuring prevents the advisor from qualifying for compensation deductions for purposes of the New York City Unincorporated Business Tax.
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Tocqueville Asset Management took action to simplify its complicated ownership compensation scheme and ended up with a $435,938 tax bill. So Forbes reports.
The New York City Tax Appeal Tribunal recently determined that the restructuring prevents the advisor from qualifying for compensation deductions for purposes of the New York City Unincorporated Business Tax.