Legal Opinion
Layton F. v. Director
New Jersey Tax Court
Decided December 11, 1984PublishedCited by 7 opinions
1Opinion of the Court
CRABTREE, J.T.C.
This is a gross income tax case wherein plaintiffs challenge defendant’s determination of their tax liability for the year 1976. At issue is the proper construction of the New Jersey Gross Income Tax Act, N.J.S.A. 54:1-1, et seq. (the act), as applied to individuals actively engaged in the securities business conducted in partnership form. The first question is whether business expenses incurred by the partnership, which are related to the production of tax-free interest and nontaxable gains, are allowable as deductions for purposes of computing a partner’s distributive share…
2Cases cited28 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- New Jersey Guild of Hearing Aid Dispensers v. LongSupreme Court of New Jersey · 1978
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Service Armament Co. v. HylandSupreme Court of New Jersey · 1976
- Ward v. ScottSupreme Court of New Jersey · 1952
23 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Smith v. Director, Division of TaxationSupreme Court of New Jersey · 1987
- Reck v. Director, Div. of TaxationNew Jersey Superior Court Appellate Division · 2001
- Sabino v. DirectorNew Jersey Tax Court · 1995
- Smith v. Director, Division of TaxationNew Jersey Superior Court Appellate Division · 1986
- Miller v. Director, Division of TaxationNew Jersey Tax Court · 2001
2 more not listed; retrieve them via the Exa API.