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Charity Loses Bid for Exemption, Refund of NYC Transfer Tax

Oct. 11, 2019, 5:38 PM

A charitable foundation can’t use its tax-exempt status to claim a refund of New York City real property transfer tax, the city Tax Appeals Tribunal ruled.

The Jacob and Anita Penzer Foundation Inc. lost its challenge to a city Finance Department determination that it owes tax on an $83 million property sale in February 2017. The foundation had sought a refund of more than $727,000, or one-third of the roughly $2.2 million tax paid by a real estate partnership in which it held a one-third share.

The foundation said that it should be exempt from the tax on the...

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