Legal Opinion
Walsh v. State
New Jersey Tax Court
Decided May 24, 1989PublishedCited by 16 opinions
1Opinion of the Court
LASSER, P.J.T.C.
This case involves the New Jersey gross income tax treatment of taxpayers’ capital gains realized from the sale of their stock in three Subchapter S corporations,1 specifically whether taxpayers’ cost basis, unreduced by corporate losses, or taxpayers’ federal adjusted basis (cost reduced by S corporation losses) is to be used in the calculation of the gain. The issue arises in this case because the New Jersey Gross Income Tax Act makes no distinction between S corporations and C corporations.
Taxpayers reported net gains of $13,393,902 for 1985. After audit, the Director of…
2Cases cited14 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Smith v. Director, Division of TaxationSupreme Court of New Jersey · 1987
- Alexander v. New Jersey Power & Light Co.Supreme Court of New Jersey · 1956
- Donadio v. CunninghamSupreme Court of New Jersey · 1971
9 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Koch v. Director, Division of TaxationSupreme Court of New Jersey · 1999
- Reck v. Director, Div. of TaxationNew Jersey Superior Court Appellate Division · 2001
- Walsh v. STATE, DEPT. OF TREASURYNew Jersey Superior Court Appellate Division · 1990
- Sabino v. DirectorNew Jersey Superior Court Appellate Division · 1996
- Laurite v. Director, Division of TaxationNew Jersey Tax Court · 1992
11 more not listed; retrieve them via the Exa API.