Search Rutgers Law Library N.J. Court Opinions

1 JOEL AND JUDITH MANDELBAUM, Plaintiffs v. DIRECTOR, DIVISION of TAXATION -- rank: 1000

... inter-category netting of income and losses is prohibited under N.J.S.A. 54A:5-2. II. 3 Section 338 (h)(10) I.R.C.  ... Because c and p are separate categories of income, under N.J.S.A. 54A:5-2 (which provides that “a net loss in one category ...

docket:	04227-00
court:
decided:	2002-05-17
status:
citation:	20 N.J. Tax 141
Document Size:	84481

2 MORRIS & CHARLOTTE COHEN v. STATE DIVISION OF TAXATION -- rank: 986

... for their share of new pro rata S corporation losses."); N.J.S.A. 54A:5-2. A federal taxpayer may utilize passed-through losses of an ... S corporation's losses to reduce another category of income. N.J.S.A. 54A:5-2. S corporation losses may only serve to offset income from ... calculation of a higher basis for New Jersey taxpayers, notwithstanding N.J.S.A. 54A:5-2, which generally prohibits a GIT taxpayer from deducting losses in ...

docket:	a5827-12
court:	New Jersey Superior Court Appellate Division
decided:	2015-06-09
status:	Published
citation:	28 N.J.Tax 548
Document Size:	66971

3 CHARLES & SERYL KUSHNER v. DIRECTOR, DIVISION OF TAXATION, <br -- rank: 963

... category of income against gains in another category of income, N.J.S.A. 54A:5-2, the characterization of income in this case has significant consequences ... each category of income can either be positive or zero. N.J.S.A. 54A:5-2; N.J.A.C. 18:35-1.3(d)(5 ... Internal Revenue Code (“IRC”), there is no provision like N.J.S.A. 54A:5-2 (the anti-netting provision). Statement 3 to the New Jersey ... of income and that pursuant to the anti-netting provision ( N.J.S.A. 54A:5-2) of the Gross Income Tax, Mr. Kushner must pay tax ... to determine the tax to be imposed on that income. N.J.S.A. 54A:5-2 specifically forbids a taxpayer from netting a loss in one ... netting of gains and losses of different categories of income. N.J.S.A. 54A:5-2. In Smith v. Director, Div. of Taxation, 7 N. ...

docket:	04036-00
court:
decided:	2005-06-15
status:
citation:
Document Size:	54847

4 John C. Marrinan et al. v. Director, Division of Taxation -- rank: 960

... J.S.A. 54A:5-1(b), the provisions of N.J.S.A. 54A:5-2, limiting deductible losses to those occurring “during the taxable ... for Gross Income Tax purposes, however, is also governed by N.J.S.A. 54A:5-2 which provides: Losses which occur within one category of gross ... 1996), the Tax Court examined in depth the significance of N.J.S.A. 54A:5-2 in relation to the reference to federal tax concepts in ... J.S.A. 54A:5-1. The Court concluded that N.J.S.A. 54A:5-2 is the more specific and, therefore, controlling statute, and that ... income under N.J.S.A. 54A:5-1. While [ N.J.S.A. 54A:5-2] does not specify precisely that the income and losses that ... The Tax Court further concluded that the controlling status of N.J.S.A. 54A:5-2 preempts any need to define the limits of the ...

docket:	00761-96
court:
decided:	1997-09-04
status:
citation:	10 N.J. Tax 542
Document Size:	65417

5 JOSEPH J. MURPHY v. DIRECTOR -- rank: 935

... used to offset income earned in tax year 2005. See N.J.S.A. 54A:5-2 (limiting the use of losses to offset income earned in ... not be applied to offset income from other tax years. N.J.S.A. 54A:5-2. Accord Marrinan v. Director, Div. of Taxation , 17 N.J ... less compelling, ground supporting denial of plaintiffs’ refund claim is N.J.S.A. 54A:5-2. That provision, which is a key component of the GIT ... applied against gross income in another category of gross income. [ N.J.S.A. 54A:5-2.] It is firmly established that this provision does not allow ... have under the GIT Act, the payments occurred in 2008. N.J.S.A. 54A:5-2 does not permit a 2008 event, whether it is a ... particular tax year was contemplated by the Legislature, given that N.J.S.A. 54A:5-2 does not permit losses to be carried forward, carried ...

docket:	05608-11
court:	NJ Tax Court
decided:	2012-07-24
status:	Published
citation:
Document Size:	62764

6 /usr/local/share/www/libweb/collections/courts/appellate/a0252-18.opn.html -- rank: 933

... at 100. The court found support for its decision in N.J.S.A. 54A:5-2, which permits the application of losses that 'occur within one ... it could not ''control the determination of . . . losses,' especially where N.J.S.A. 54A:5-2 does not incorporate nor reference 'federal accounting methods.'' Ibid. (quoting ... N.J. Tax at 404). The Tax Court stated that ' N.J.S.A. 54A:5-2 does not permit a carry- forward of the incurred and ... J.S.A. 54A:8-3(c) does not render N.J.S.A. 54A:5-2 as either inapplicable or as non-controlling,' and Shechtel's ... would not only render the loss carry-forward prohibition of N.J.S.A. 54A:5-2 redundant, but would also require that all other anti- shelter provisions . . . also be deemed immune to the application of N.J.S.A. 54A:5-2. A-0252-18T1 7 [Shechtel, 31 N.J. Tax ...

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court:
decided:
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Document Size:	49317

7 ESTATE OF TINA GUZZARDI v. DIRECTOR -- rank: 933

... deduction for capital losses incurred in a prior year, that N.J.S.A. 54A:5-2 makes clear that only those losses incurred during the taxable ... gains but not losses because the latter are controlled by N.J.S.A. 54A:5-2, which makes no reference to federal accounting methods. The language of N.J.S.A. 54A:5-2 supports the Director's position. While the statute does not ... that where there is a specific, contrary provision such as N.J.S.A. 54A:5-2 effectively denying carryover losses, the specific provision controls. Ultimately, it ... s intent to disallow capital loss carryovers is evident from N.J.S.A. 54A:5-2. Since N.J.S.A. 54A:5-2 is consistent with the Legislature's intent to eliminate ...

docket:	07125-94
court:
decided:	1995-12-06
status:
citation:	15 N.J. Tax 395
Document Size:	68389

8 MICHAEL AND PATRICIA SCULLY v. DIRECTOR, DIVISION OF TAXATION -- rank: 899

... of income against income or gain in another category because N.J.S.A. 54A:5-2 provides that “a net loss in one category of ...

docket:	04076-97
court:
decided:	2001-09-21
status:
citation:	19 N.J. Tax 553
Document Size:	61568

9 Andrew J. Shechtel v. Director, Div. of Taxation -- rank: 899

... forward of suspended losses to subsequent years is prohibited by N.J.S.A. 54A:5-2, the controlling statute for GIT purposes. This court, in a ... forward of suspended losses to subsequent years is prohibited by N.J.S.A 54A:5-2, and that the at- risk rules of I.R.C ... could not supersede the carry-forward of loss prohibition in N.J.S.A 54A:5-2. The court also found that the principles of equitable recoupment ... his or her basis; (7) the court’s conclusion that N.J.S.A. 54A:5-2 protects against tax shelters is mistaken. During oral argument, plaintiff ... was limiting the GIT’s tax-shelter avoidance intent to N.J.S.A. 54A:5-2, when clearly, that intent permeated the entire GIT Act. This ... the at-risk rules, and in New Jersey due to N.J.S.A. 54A:5-2. Thus, plaintiff’s assignment of a factual error on ...

docket:	000295-17
court:	NJ Tax Court
decided:	2017-08-22
status:	Unpublished
citation:	31 N.J.Tax 89
Document Size:	42338

10 DAVID SIDMAN et al. v. DIRECTOR, DIVISION OF TAXATION, -- rank: 883

... activities. That allocation has significant federal tax consequences. However, because N.J.S.A. 54A:5-2 prohibits the deduction of losses in one category of New ... income (for example, pro rata shares of subchapter S income). N.J.S.A. 54A:5-2. As previously indicated, the reference to federal accounting methods, be ...

docket:	01031-99
court:
decided:	2000-04-24
status:
citation:	18 N.J. Tax 636
Document Size:	93512

11 GEORGE K. MILLER, JR. et al. v. DIRECTOR, DIVISION OF <br -- rank: 860

... from gains or income in another category of income under N.J.S.A. 54A:5-2, and an individual’s ability to deduct basis from the ... Cable Co. and (b) the losses from other investments under N.J.S.A. 54A:5-2. The only issue in this case is how to properly ... s deduction of acquisition indebtedness from subchapter S income under N.J.S.A. 54A:5-2). Cases since Smith , supra , 108 N.J. 19, have refined ... deductions of losses in one category from gains in another. N.J.S.A. 54A:5-2. It would also be inconsistent with the Legislature’s intent ... category are not deductible from income or gains in another. N.J.S.A. 54A:5-2. But within categories, gains and losses may be netted. (2 ...

docket:	04040-00
court:
decided:	2001-08-20
status:
citation:	19 N.J. Tax 522
Document Size:	108239

12 DANIEL SCHULMANN v. DIRECTOR, DIVISION OF TAXATION -- rank: 844

... argument also has no legal support under the GIT scheme. N.J.S.A. 54A:5-2 prohibits inter-category netting. The statute specifically states that a ... See also , Sidman , supra , 19 N.J. Tax at 487 ( N.J.S.A. 54A:5-2 “matches types of income with types of losses”). Here ...

docket:	07221-05
court:
decided:	2010-11-09
status:
citation:
Document Size:	60801

13 JOHN J. MORONEY and MARY T. MORONEY v. DIRECTOR, DIVISION OF TAXATION -- rank: 844

... He asserts that such a carryforward is in violation of N.J.S.A. 54A:5-2 as interpreted in Guzzardi v. Director, Div. of Taxation , 15 ... App. Div. 1996). There, the Tax Court held that, under N.J.S.A. 54A:5-2, losses occurring in one year may not be carried forward ...

docket:	05582-98
court:
decided:	2004-01-08
status:
citation:	21 N.J. Tax 220
Document Size:	38308

14 JOHN W. DANTZLER, JR. et al. v. DIRECTOR, DIVISION OF TAXATION, <br -- rank: 838

... categories. IRC § 165. The New Jersey statute does not. N.J.S.A. 54A:5-2. The issue of to what extent the New Jersey gross ...

docket:	06040-96
court:
decided:	1999-06-01
status:
citation:	18 N.J. Tax 490
Document Size:	76060

15 Daniel and Adelaide Schiff v. Dir, Div of Taxation -- rank: 816

... the partnerships in prior years because of the prohibition in N.J.S.A. 54A:5-2 against netting of intercategory gains and losses, it would be ... Jersey gross income tax purposes, because of the prohibition of N.J.S.A. 54A:5-2 against netting of intercategory gains and losses, is irrelevant to ...

docket:	00625-94
court:
decided:	1995-10-31
status:
citation:	15 N.J. Tax 370
Document Size:	91913