Not Being New York Resident Saves Billionaire $27 Million in Taxes: Court Victory for Hedge Fund Manager Julian Robertson

The Wall Street Journal reports:

What a difference four days can make.

Billionaire Julian Robertson won a $27 million tax case after he successfully argued that he wasn't a New York City resident for the year 2000 and didn't owe city taxes.


At issue was Mr. Robertson's whereabouts on four days during that leap year: April 15, July 23, July 31 and Nov. 16. The other 362 days were accounted for, with documentary proof of 183 days spent in the city and 179 spent outside. The New York State Department of Taxation and Finance argued that because he didn't have documentary proof for the four days, he was therefore a resident and owed city taxes of $26,792,341.

The stakes were high for Mr. Robertson. If he could prove he spent half of that 366-day year outside of New York City, often at his estate in the wealthy Long Island suburb of Locust Valley, he wouldn't have to pay the tax. And it was an all-or-nothing case, worth $27 million, an amount important enough to the hedge-fund manager that he and his staff spent hours and developed a complicated calendar system to track his whereabouts.

Some people don't want to pay high taxes no matter what greedy politicians say.