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NY taxmen go after a third Philippine bldg..
Apart from the $3.5 million back taxes due from the Philippine Center on 556 Fifth Avenue, New York States' Department of Taxation and Finance is demanding another $3.5 million in gains and penalties from the Philippine government, this time for the 1991 foreclosure sale of a Marcos building on 730 Fifth Avenue.
The property involved is commonly referred to as the Crown Building, which was one of the four New York properties reportedly bought by the Marcoses out of wealth plundered from the Filipino people.
The four properties were sequestered and later disposed of by the Presidential Commission on Good Government (PCGG) in 1986. The Crown Building, in particular, was sold for $10.75 million, but earned the PCGG a measly $3,000 after paying all its legal fees.
Based on records, the New York government sent the tax assessment notice to the Philippine Consulate on June 8, 1992 and gave...