The Goldman Sachs Group Inc. logo is displayed in the reception area of the One Raffles Link building, which houses one of the Goldman Sachs (Singapore) Pte offices, in Singapore. Photo: Nicky Loh/Bloomberg Goldman Sachs Offshore Fund Ordered to Pay NYC Corp. Tax on Capital Gains Made After Selling Interest in Hedge Fund Manager
The Appellate Division, First Department court ruled that even though the offshore fund had "no other presence" in New York City other than its minority interest in the hedge fund manager, "the business activities conducted in the City by the entity in which the taxpayer [fund] had invested provided a nexus between the taxpayer's capital gain and the City."
April 15, 2022 at 11:38 AM
4 minute read
A Goldman Sachs offshore fund must pay city general corporation tax on capital gains it made after selling an interest in a hedge fund manager because of the "nexus" between the city and the hedge fund manager's city-based activities that generated investment income for the fund.
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