Opinion
December 6, 1994
Appeal from the Supreme Court, New York County [Herman Cahn, J.].
Respondents' determination that petitioners' activities constituted an unincorporated business and are, therefore, subject to the unincorporated business tax is supported by substantial evidence. Petitioners, a registered futures commodities merchant and its sole general partner, engaged in futures commodities transactions on a retail basis and for their own account, and thus the exemption provided by section 11-502 (c) of the Administrative Code of the City of New York is inapplicable as petitioners were not trading solely for their own account. Petitioners have failed to carry their burden of proof to establish otherwise (Administrative Code § 11-529 [e]).
We have considered petitioners' other arguments and find them meritless.
Concur — Murphy, P.J., Sullivan, Kupferman, Asch and Tom, JJ.