Florence E. Engle v. Victor A. Talarico, as City Assessor of the City of Niagara Falls

Summary

The New York Court of Appeals affirmed the Appellate Division's order granting the old‑age real‑property tax exemption, holding that return of capital is not income, capital losses may offset capital gains, and depreciation may be deducted from net rental income for purposes of the statutory income limitation.