Appellate Division of the Supreme Court of the State of New York August 4, 1977 (WEBR, Inc. v. State Tax Commission)

Herlihy, J.

The petitioner WEBR, Inc. entered into an agreement with Queen City Radio Corp. (Queen City) whereby WEBR was to sell to Queen City a radio station business including all of its personal property. The sale was for the sum of $1,750,000; however, the parties did not allocate in the agreement the portion thereof applicable to personal property.