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On October 12, 2011, the New York Department of Taxation and Finance issued an Advisory Opinion building upon its previous April 8, 2010 Advisory Opinion (TSB-A-11(1)M and TSB-A-10(1), respectively) regarding the conversion of real property interests into intangibles for New York estate tax purposes, in both cases ruling that a Florida decedent holding an interest in New York real property via an interest in a partnership (or an LLC) held by her revocable trust did not own an interest in the underlying real property for New York estate tax purposes
