Legal Opinion
Colonial Trust III, & Investment Co. Institute v. Director, Division of Taxation
New Jersey Tax Court
Decided February 21, 1997PublishedCited by 2 opinions
1Opinion of the Court
DOUGHERTY, J.T.C.
N.J.S.A. 54A:6-14.1 is interpreted by the Division of Taxation to require shareholders of “non-qualified” investment funds to characterize the annual cash distributions they receive from their funds as “dividend” distributions. N.J.S.A. 54A:5-1f provides that dividend distributions are included in a taxpayer’s gross income if they are paid out of current or accumulated earnings and profits of the payor corporation. In this declaratory judgment action, Plaintiffs contend that the Gross Income Tax Act, N.J.S.A. 54A:1-1 to :10-12 (GIT), does not provide immunity for that portion…
2Cases cited21 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Burks v. LaskerSupreme Court of the United States · 1979
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- South Carolina v. BakerSupreme Court of the United States · 1988
16 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Halverson v. Funaro (In Re Frank Funaro, Inc.)United States Bankruptcy Appellate Panel for the Eighth Circuit · 2001
- Mark C. Halverson v. Frank M. FunaroUnited States Bankruptcy Appellate Panel for the Eighth Circuit · 2001