Ultrawealthy nonresidents who own property in New York City certainly make a ripe target for potential revenue. People who spend fewer than half the year in New York City don’t pay any city income tax, even if they generate much of their fortune in the city. Many have elaborate systems for keeping track of their whereabouts. Since even one minute in a 24-hour period may count as a day for residency purposes, there’s often a frantic, Cinderella-like dash to cross the city line before midnight, although it’s black limousines ferrying the passengers rather than horse-drawn carriages.

Julian Robertson’s Carefully-Crafted New York City Tax Avoidance Lifestyle At Risk, Maybe « Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks Friday, May 23, 2014 @ 11:16am