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Goldman Sachs Unit Owes NYC $4 Million in Capital Gains Taxes

April 29, 2021, 7:30 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 after selling a stake of a hedge fund manager.

The New York City Tax Appeals Tribunal sided with an administrative law judge’s determination that Goldman Sachs Petershill Fund Offshore Holdings owed taxes on the gain realized from the sale of a 10% interest in Claren Road Asset Management, because of established nexus with the city.

In its review of the appeal, the tribunal rejected the firm’s claim that its interest...

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