A New York State Administrative Law Judge has found that dividends earned by the parent of companies engaged in the insurance agency business, arising from stock in American International Group (“AIG”), were properly treated as income from investment capital for Article 9-A purposes. Matter of C.V. Starr & Co., Inc., DTA No. 824121 (N.Y.S. Div. of Tax App., Apr. 18, 2013). The ALJ rejected the Department’s argument that Starr did not hold the AIG stock as an “investment” for its own account, finding that the AIG stock met all three criteria set forth in the definition of “investment capital” in Tax Law § 208(5), since it clearly qualified as “stocks, bonds and other securities, corporate and governmental”; it was not either held for sale to customers in the regular course of business,” subsidiary capital, or stock issued by taxpayer; and it was held as an “investment.” “By any reasonable view” of the term “investment,” the ALJ found that Starr’s ownership of the stock was an investment, carrying the expectation of a return as well as the risk of loss.